Tag
CRUDE OIL PRICES
The naira remained stable at N1610–N1615 on the unofficial market as oil prices recovered above $61 per barrel, while the dollar index stayed stable in the global currency market.
Crude oil prices dipped below $60 per barrel at the start of May, sparking renewed fears of a currency crisis and a wider fiscal deficit in Nigeria.
OPEC+ is set to accelerate its oil production increases and could return up to 2.2 million barrels per day (bpd) to the market by November if erring members fail to comply with output quotas, Reuters reports.
Brent crude oil futures fell below $70 per barrel for the first time since December 2021, marking a new downturn in prices driven by strong supply, demand concerns, and widespread speculative selling.
Bonny Light crude reaches $88 per barrel amid Israeli-Houthi conflict, with rising tensions and potential September rate-cut signs.
The Joint Ministerial Monitoring Committee (JMMC) of the Organisation of Petroleum Exporting Countries (OPEC) and its allies led by the Russian Federation has decided to keep oil production quota unchanged until its next meeting in June.
Consequently, short sellers took centre stage in the oil market on sentiments that energy-price inflation over the past three months will likely force the Federal Reserve to hold interest rates steady for the foreseeable future.
Fuel pump prices in Nigeria could see a reduction if global crude prices keep tumbling.
Based on figures obtained from the Central Bank of Nigeria’s (CBN) data on the movement of external reserves, the country’s external reserves fell by US$2.96bn in H1 2023.
Friday's strong labour data raised fears of higher U.S. interest rates, but oil prices remain range-bound and could rise for a second straight week on signs of tight supply and rising demand. expensive.
Crude oil prices fell significantly on Tuesday despite robust strong US economic data as well as improved employment...
The commodity markets report from the World Bank is published twice a year - first in April and later October