Global oil prices have remained elevated at $77pb in spite of OPEC’s decision to increase supply by 1mbpd. The supply disruptions in key oil producing nations will make increasing supply a herculean task . For a country like Nigeria, higher oil prices are a comfort especially with the projected decline in oil cargoes by 11.22% in July/August.
Meanwhile, the naira retreated from a brief stint at N360/$ as liquidity increased in the money markets.
The attached document contains a snapshot of the global and domestic developments in the Commodities Market.
Enjoy your read!