Global oil prices remained steady on Monday, staying above Nigeria’s 2026 budget benchmark of $64.85 per barrel, as supply disruptions and rising geopolitical tensions in the Middle East continued to prop up the market.
According to market data tracked by Reuters, prices recorded a slight dip in early trading after a strong rally in the previous session.
• Brent crude slipped by 7 cents (0.1%) to $65.81 per barrel as of 02:21 GMT
• U.S. West Texas Intermediate (WTI) eased by 6 cents (0.1%) to $61.01 per barrel
The mild pullback followed a surge of over 2% in the last trading session. Both benchmarks also posted weekly gains of about 2.7% on Friday, closing at their highest levels since mid-January.
While the price stability offers some relief for Nigeria’s fiscal planning, analysts note that persistent geopolitical risks and supply-side uncertainties continue to pose challenges for the global oil market.
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