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Brent lost 0.29% to $87.04pb on higher-than-expected U.S crude inventories

Brent futures declined for the fourth straight day to $87.04 per barrel from $90.02pb. This decrease is due to the uptick in U.S. inventories by 2.7 million barrels per day to 462 million barrels per day from 460 million barrels per day. Additionally, oil prices fell, attributed to the easing tension in the Middle East, particularly the expectation of a de-escalation in the Israel-Hamas conflict.

Cement prices fell sharply by 50% in Nigeria

The retail price of a 50-kg bag of cement has fallen by 50% to an average of N7,500 from a peak of N15,000 in February. This decline in cement prices is attributed to the 33.46% drop in global natural gas prices to $1.71/MMBtu from $2.57/MMBtu (YTD). Natural gas is a crucial cost for heating the furnaces in the production of cement.

FDC’s senior associate, Dumebi Oluwole, discussed these and other burning economic issues on Channels TV Business Morning Programme.

Click the link to watch the video.