Nigeria could be cruising out of recession soonest with an improvement in the price of oil in the international market.
Oil prices rebounded slightly Thursday after tanking the previous day, but gains were capped by U.S stockpiles data and the prospect of rising output in Libya and Nigeria, dealers said.
At about 1015 GMT, US benchmark West Texas Intermediate for delivery in October was up 20 cents at $43.78 a barrel according to Punch.
Brent North Sea crude for November delivery won 32 cents to $46.17 compared with the close on Wednesday.
The market had tumbled Wednesday after the US Energy Information Administration said gasoline and distilled products inventories rose last week, overshadowing news of a surprise fall in crude supplies.
Later Wednesday, Libya’s National Oil Corporation said it would double production within four weeks after it was handed control of crucial ports that had been seized by forces loyal to the country’s rival administration.
The news from Libya – which has Africa’s largest oil reserves – fanned long-standing worries about a global supply glut and overproduction that have hammered prices for more than two years.
At the same time, Nigeria – which is the African continent’s biggest crude producer – appears set to also increase its oil exports, traders said.