Brent oil rose marginally by 0.08% to $71.24pb due to prospects of lower production from Libya after hostilities resumed between two major armed groups. At $71pb, the price of oil is 17% above the budget benchmark ($60pb) and remains supportive of external reserves and naira stability.
The Eko Electricity Distribution Company confirmed that there was a total system collapse of the Transmission Company of Nigeria’s network for at least 10 hours today, having a negative impact on aggregate output and pushing up diesel prices.
The attached slides address these and other issues in the domestic and global commodities market.
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