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Brent slipped to $60.96pb on escalating tariff wars

Brent futures fell 2.96% to $60.96pb driven by fears that Trump’s escalating trade war with China could trigger a global recession and dampen energy demand. Additionally, the planned OPEC+ output hike also supported the price decline. With prices at 18.11% below Nigeria’s 2025 budget oil price benchmark, the revenue shortfall could widen the fiscal deficit.

The U.S. dollar and the price of gold have fallen, whilst the Chinese have also dropped the value of the yuan in the forex market. These are having severe consequences on the economies of emerging markets like Nigeria.

The price of cocoa declined to $8,053/ton

Cocoa prices declined by 36%, from a record high of $12,565/ton in December 2024 to $8,053 in April 2025, driven by reduced demand from chocolate makers. Expectations of increased global supply further supported prices downward. Cocoa prices may remain bearish in the near term due to Trump’s baseline tariffs and a projected 32% rise in Ghana’s cocoa output.

FDC’s M.D. Mr. Bismarck Rewane, and analyst Onyeluka Emefiene discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated, respectively.

Click the link below to watch the video.

Enjoy your read!