Brent oil briefly touched $80pb before retreating to $78.23pb. The increase was partly due to concerns over tightening global supply amid potential US sanctions on Iran. The reimposition of US sanctions will remain a potential trigger for modest oil price increases in 2018.
At $78pb, the price of oil is 53% above the budget benchmark ($51pb) and remains supportive of external reserves and naira stability.
The attached slides summarise the events that took place in the domestic and global commodity markets this week.
Enjoy your read!