Nigerian oil futures, Brass River and Qua Iboe, have surpassed the global benchmark, Brent crude, with a premium of $4 per barrel amid escalating geopolitical tensions and global economic uncertainty.

On Monday, Brass River, an average light crude, gained 2% to trade at $81.02 per barrel, while Qua Iboe, a mild light crude, also gained 1.59% to trade at $81.12 per barrel.

ExxonMobil produces Qua Iboe from numerous offshore fields and exports it via the Qua Iboe terminal. Crude oil is known for its high quality and low sulfur content, making it a popular choice for refiners

Nigerian crude futures were $4 higher than Brent, which traded at $1.72 or 2.2% at $77.34 per barrel at 6:00pm Nigerian time on Monday.

This price advantage underscores the continued demand for light, sweet crude oil from Nigeria, valued for its low sulfur content. The ease with which it can be refined into high-end products like gasoline and diesel makes it highly sought after by refiners

China, the world's largest importer of crude oil, is responsible for most of the downgrade for 2024, with OPEC reducing its growth forecasts for the country from 650,000 to 580,000 barrels per day (bpd). On Saturday, the Chinese government announced that it would inject new stimulus measures into the economy, which should have been positive for oil prices