Friday, April 15, 2016 9:50AM /FDC
Oil prices have increased by 20% since March to $44pb, which is great news for Nigeria and OPEC.
This notwithstanding, Nigeria’s oil production has declined for 2 consecutive months, which undermines budget revenue projections.
Domestic prices are relatively static, in spite of ebbing fuel scarcity. In Ghana, Inflation has reversed, increasing by 0.67% to 19.20%.
The attached synopsis of commodity price movements for the week should be a very interesting read.
Food prices still high despite low consumer spending
•Commodity prices across the country stubbornly high
•Nigeria now the 8th most expensive country in SSA
•Inflation driven by shortages and market imperfection
•Petrol scarcity easing in Lagos
No respite with consumer prices
Oil prices stay high but retreat a bit
• Brent crude down 1.14% to $44.18pb
• EIA reported a 6.6mb swell in U.S crude inventories
• Iran also pushed up production
• U.S Dollar strengthened against currency baskets
• Oil traders bearish ahead of Doha Summit
Oil Markets Today
Agric Commodities – Mixed performances
•The anticipated outcome of Doha Summit on Sunday may be negative for the oil market
•Summer season to push up prices marginally
•Increased demand for gasoline and jet fuel
•Unseasonal weather patterns may threaten crop yields in major growing regions
•Sugar – Political instability in Brazil may hamper production
•Cocoa – A decline in U.S grinding figures may suppress prices
•Stock market traded flat after 4 consecutive days of negative performance
•No corporate results announced
•Market sentiment still bearish