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Oil prices retreat after earlier gains

Brent crude fell by 0.36% to $76.67pb today from $77.03 in the previous trading day as weak global demand outweighed tight supply concerns. The US service PMI index plunged to 50.3 from 51.9, well below expectations of 52.2, raising recessionary fears. This, coupled with rising US gasoline inventories, exerted further pressure on prices. Meanwhile, market attention is shifting towards the upcoming US Federal Reserve meeting scheduled for June 13–14, at which analysts anticipate a temporary halt in rate hikes.

Cocoa Prices fall in Nigeria’s Ondo and Abia states

In Ondo state, the price of cocoa declined by 2.63% to ₦‎1.85 million ($4,008) per metric ton, down from ₦1.9 million ($4,116). Similarly, in Abia state, prices fell by 2.9% to ₦1.65 million ($3,571) from ₦1.70 million ($3,679). This decline in prices can be attributed to improved rainfall, which boosted crop yields. Year-to-date cocoa prices surged by 18.9% to $3,091/mt from $2,600 buoyed by supply tightness in Ivory Coast. This rise in price would boost Nigeria’s export earnings and increase cocoa farmers’ income.

These and other burning economic issues were discussed on the Business Morning programme on Channels TV today.

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