Brent oil, which had reached record levels of $71pb earlier this week, fell sharply towards $68pb. This was partly due to the Saudi statement confirming minimal disruption to their operations and comments from Libya that it might max out on production. We are expecting oil price to trade lower in the days ahead.
Nigeria's other leading export, cocoa, has come under some pricing pressure even though the main crop is likely to be adversely affected by the extended dry weather. Nigerian exports are likely to be lower than the optimistic estimates of 300,000 metric tons.
The slides below give a snapshot of the discussion in the commodities segment of the Business Morning programme on Channels TV by the FDC Think Tank.