The oil markets shrugged off Donald Trump’s tweets about OPEC, as Brent gained 0.66% to close at $75.20pb. The price of oil is currently 12% above the average price in Q1 and is dollar accretive to Nigeria. Nigeria’s gross external reserves are now at a record high of $47.93bn.
On the flip side, the price of diesel in the domestic market spiked 5% to N210-220/litre, with possible negative implications for inflation and power costs.
The attached bulletin addresses these and other issues in the domestic and global commodities market.
Enjoy your read….