Brent crude steadied at $56.32pb as the markets seem to have factored in the possibility of higher compliance rate amongst oil producers. The meeting in Vienna tomorrow is unlikely to produce any surprises.
Fundamentally, there is evidence that the thirst for oil in the wealthy nations of the world is returning gradually to the pre-crude crash levels.
Cashew nut exports increased significantly by 463% to $37m in the Q2. This commodity is proving to become a major non-oil revenue source, next to cocoa.
The attached report summarizes the commodity price movements for this week.
Enjoy your read!