Oil Prices Increase by 20% to $44pb - 150416

Oil & Gas
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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

•Stock market traded flat after 4 consecutive days of negative performance

•No corporate results announced

•Market sentiment still bearish

Related NEWS

Commodity Update: Prices Remain Stable

Commodity: Domestic Prices Sticky Downwards

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