Dear Subscriber,

Brent fell below $70pb on sluggish economic growth in major economies

Brent futures dropped by 3.93% to $69.02pb, driven by slowing economic growth in key regions like the U.S., China, and Europe, alongside an abundant oil supply from non-OPEC producers.  This bearish trend prompted firms Trafigura, Bank of America, and Morgan Stanley to lower oil price forecasts between $60pb and $70pb in 2024. In response, OPEC+ has delayed plans to increase supply.

A pack of orange juice is 40% higher compared to last year

The domestic price of orange juice has skyrocketed by 40% to N1,200/pack, largely due to the exchange rate pass-through effect on production costs. Lower orange yields from Brazil, the world’s largest producer, have further pressured global prices. Domestically, adequate infrastructure to reduce post-harvest losses and expanding irrigation facilities could boost orange production, ultimately helping to lower prices.

FDC’s senior analysts, Victoria Momoh, and Michael Ilozobhie discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated programmes, respectively.

Click the link to watch the video.

Enjoy your read!