As widely anticipated, the US Fed increased its Federal funds rate by 25 basis points to 1.5% at its FOMC meeting. Given the inverse relationship between the price of oil and the value of the dollar, Brent is expected to decline marginally.
The total revenue shared by the federal and state governments dropped by 4.4% to N533bn. This decline in revenue is coming at the worst possible time given that workers will expect to spend more during the Christmas season.
Attached is a synopsis of the commodities market for the week.
Enjoy your read!