The international oil benchmark, Brent crude, hits a 12-month high on Tuesday after major crude producers showed they were reining in output roughly in line with their commitments.
Brent crude, against which Nigeria’s oil is priced, was up $1.27, or 2.3 per cent, at $57.62 a barrel by 1320 GMT, its third straight day of gains and the highest levels since late February last year, Reuters said in its report.
The United States benchmark, West Texas Intermediate, gained $1.2, or 2.2 per cent, to $54.75, a level last seen in early March 2020.
Crude production by the Organisation of the Petroleum Exporting Countries rose for a seventh month in January but the increase was smaller than expected.
Also, voluntary cuts of one million barrels per day by OPEC’s de facto leader, Saudi Arabia, are set to be implemented from the beginning of February through March.