The price of Nigeria’s Bonny Light Crude oil reached $67.10 per Barrel to emerge the highest priced product among members of the Organisation of the Petroleum Exporting Countries (OPEC), The Guardian reports.
Apart from Bonny Light crude, other Nigerian oil grades such as Brass River and Qua Iboe also appreciated in value to sell at $65.32 and $61.22 per barrel respectively yesterday at the international market. Bonny Light is in high demand specifically by American and European refineries due to its low corrosiveness and the lower environmental impact of its byproducts.
At a broader level, at the New York Mercantile Exchange, United States West Texas Intermediate (WTI), crude futures traded at $60.45 a barrel during the trading hours of yesterday, recording its highest since June 2015. Brent crude futures recorded a one per cent decrease in price at $66.81 a barrel yesterday, after hitting $67.29 a barrel a few days ago.
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