Crude Oil Prices Reverse Losses to Appreciate Thursday

By Adedapo Adesanya

Major listed oil on the international market started a slow climb up on Thursday following recent decline in the prices of the black gold as a result of rising tensions caused by the trade war between the United States and China.

At the market yesterday, the Brent Crude saw a rise of $1.15 or an equivalent of 2.05 percent to trade at $57 after falling to as low as $54 earlier in the week.

Countries like Nigeria, which set oil benchmark at $60 per barrel, can hope for a continuous rise for the crude.

For the West Texas Intermediate (WTI) crude, which went as low as $51, it saw a $1. 83 rise (3.58 percent) to trade at $53 at the global market on Thursday.

For the OPEC Basket, it was a reversal as the price dropped by 3.17 percent equalling $1.89 to trade at $58.

Meanwhile, Geopolitical tensions over the safety of oil tankers passing through the Persian Gulf remained unresolved as Iran refused to release a British-flagged tanker it seized last month.

The U.S. Maritime Administration said U.S.-flagged commercial vessels should send their transit plans for the Strait of Hormuz and Gulf waters to U.S. and British naval authorities, and that crews should not forcibly resist any Iranian boarding party.