Good News for Nigeria's Mono-Economy as Oil Price Rises to $48

World oil prices rebounded Friday from six straight sessions of losses, as investors eyed rising global equities and increasing risk appetite on receding Brexit concerns, dealers said.

At about 1100 GMT, Brent North Sea crude for delivery in August was up 99 cents at $48.18 a barrel.

US benchmark West Texas Intermediate for July delivery won 73 cents to $46.94 a barrel compared with Thursday’s close.

“Oil prices are bouncing back… after falling for six straight days, and also because of the small but general improvement in risk sentiment since Thursday afternoon in response to receding Brexit concerns,” said City Index analyst Fawad Razaqzada.