The international oil benchmark, Brent crude, surged by five per cent on Wednesday, after a report from the International Energy Agency, followed by US inventory data, boosted optimism about returning demand after the coronavirus lockdowns last year crushed fuel consumption.

The international oil benchmark, Brent crude, surged by five per cent on Wednesday, after a report from the International Energy Agency, followed by US inventory data, boosted optimism about returning demand after the coronavirus lockdowns last year crushed fuel consumption.

Brent, against which Nigeria’s oil is priced, rose by $3.06 to $66.73 per barrel by 7:31pm Nigerian time on Wednesday.

US crude inventories fell by 5.9 million barrels last week, the Energy Information Administration said, exceeding analysts’ forecasts for a 2.9 million-barrel drop.

Petrol supplied in latest week indicate the US consumption of the fuel, rose to 8.9 million barrels per day, the highest since August.

Petrol stocks edged higher by 309,000 barrels, less than expectations for a 786,000-barrel rise.

Distillate stockpiles fell by 2.1 million barrels in the week, versus expectations for a 971,000-barrel rise.