Nigeria’s Bonny Light crude held firm at around $67 per barrel on Monday, buoyed by signs of easing trade tensions between the United States and China. The stability comes after weeks of volatility that saw crude prices tumble amid geopolitical uncertainty and weakening global demand.
Global benchmark Brent crude also recovered slightly, climbing over 1% after sharp losses last week. Market sentiment improved following reports that Washington and Beijing are considering high-level talks to de-escalate their trade dispute ahead of the upcoming APEC Summit.
Analysts said the diplomatic thaw raised hopes for a rebound in global trade and energy demand, providing relief for oil-dependent economies like Nigeria. “The market is responding positively to the prospect of renewed dialogue between the world’s two largest economies,” said an analyst at Lagos-based Financial Derivatives Company. “Even a symbolic gesture of cooperation can stabilize prices in the short term.”
The recent price slump had been driven by a mix of factors including U.S. tariff threats, China’s export restrictions on rare earths, and broader fears of a slowdown in global manufacturing. For Nigeria, steady prices are critical as crude oil accounts for over 85% of export earnings and a major portion of government revenue.
While the latest rebound offers temporary relief, experts warn that sustained price recovery will depend on tangible progress in U.S–China negotiations and consistent global demand growth in the coming months.
