Brent crude price has plunged by over 20% to $70.72pb in the last four weeks. Sell pressures are being underpinned by weakening demand and rising output from key producers. Representatives from OPEC and its allies are meeting in Abu Dhabi on November 11 to discuss output strategy. The long range forecast is a price of $71pb-$73pb.
In spite of the sharp decline in crude prices, the price of diesel in the domestic market spiked 2% to N255/litre, partly due to speculative demand. The lower price of crude oil is expected to moderate diesel prices in coming weeks.
The attached slides summarize the events that took place in the domestic and global commodity markets this week.
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