Nigerian crude oil and major oil contracts have reversed early losses, trading slightly higher in Asian trade on Thursday. This movement follows better-than-expected first-quarter growth data from China, a top importer.

Latest price action shows Brass River, a major Nigerian crude grade, trading at $113 per barrel. This surge occurred even as Brent crude dipped below $95 a barrel. Bonny Light, another key Nigerian grade, has seen a downward trajectory over the past week.

Physical spot prices for West African grades had previously surged toward $140–$150 per barrel due to a scramble by refiners to replace lost Middle Eastern supply. However, these prices have since fallen below the $120 per barrel mark.

Despite these gains, crude oil suffered sharp losses this week. Any upward movement was largely capped by expectations of easing U.S.-Iran cease-fire negotiations and tensions.

West Texas Intermediate crude futures remained steady at $88 per barrel, while Brent oil futures increased by 0.1 per cent to $95 per barrel.

China's economy expanded faster than anticipated in the first quarter of 2026, with GDP increasing by 5% annually. This growth exceeded Beijing’s yearly goal, driven by robust export demand and a recovery in domestic consumption.

Although several other readings indicated that economic momentum slowed toward the end of the first quarter, the GDP print helped boost optimism regarding oil demand in the world’s largest crude importer.

U.S.-Iran Peace Talks Influence Market

The U.S. and Iran are considering extending their ceasefire by two weeks. This extension aims to provide more time to negotiate a peace agreement and lessen the likelihood of new hostilities, despite an escalating standoff over the Strait of Hormuz.

Mediators are seeking technical talks to resolve the most controversial issues preventing a longer-term agreement, as the initial truce is scheduled to expire next week.