An improvement in Nigeriaâ€™s oil earnings is on course as prices held firmÂ on FridayÂ near three-year highs reached earlier this week as ongoing Organisation of Petroleum Exporting Countries (OPEC)-led supply cuts, as well as strong demand, gradually draw down excess supplies.
According to the News Agency of Nigeria (NAN), Brent crude oil futures were up atÂ $73.79Â per barrel at 0440 GMT. U.S. West Texas Intermediate (WTI) crude futures down 2 cents atÂ $68.40Â a barrel.
Both Brent, which Nigeria produces, and WTI hit their highest levels since November 2014Â on Thursday, atÂ $74.75Â andÂ $69.56Â per barrel respectively.
WTI is set for its second weekly gain.
Oil prices have been pushed up by a gradually tightening market.
Led by top exporter, Saudi Arabia, OPEC has been withholding production since 2017 to draw down a global supply overhang.
The tighter oil market is feeding into refined products.
Oil supply tightness is also a result of healthy oil demand.
Beyond OPECâ€™s supply management, crude prices have also been supported by an expectation that the United States will re-introduce sanctions on OPEC-member Iran. (NAN)