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Brent declined to $64.47pb

Brent futures fell by 2.45% to $64.47pb, driven by optimism over a potential U.S.-Iran nuclear agreement, which could boost global crude supply. Adding to the pressure, EIA data revealed an unexpected 0.8% increase in U.S. crude inventories to 441.8 million barrels, indicating softer demand.

Nigeria’s headline inflation rate dropped to 23.71% in April.

Nigeria’s headline inflation eased to 23.71% in April, down by 0.52% from 24.23% in March. The decline was driven by lower fuel and food prices, as well as reduced logistics costs.

Price of cobalt soared to $33,275/tonne

Cobalt prices surged 55% in May to $33,275/tonne from $21,468/tonne in February. The rally followed the DRC’s four-month export suspension on February 24 to curb oversupply, which had driven prices to a nine-year low. As a result, the cost of electric vehicles and electronics could rise in the near term.

FDC’s AVP, Dr. Ifeoma Nwokolo, and senior analyst, Tomiwa Ajewole 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!