As reported by GlobalOil.com, Brent Crude and West Texas Intermediate (WTI) rose by 0.13 and 0.14 percent, reaching $76.03 and $73.25, respectively, at the time of this report.
The market's positive outlook is driven by expectations of robust economic growth and increased oil demand in 2025.
The Thursday price for Brent Crude has surpassed the $75 per barrel benchmark set for Nigeria's proposed budget for 2025.
Additionally, reports indicate that oil experienced a second consecutive year of annual declines in 2024, with a decrease of approximately 3 percent compared to the final closing price of 2023.
In November 2024, Nigeria's crude production increased to 1.81 million barrels per day, as stated by the Nigerian National Petroleum Company Limited.