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Brent rose to $66.48pb

Brent futures climbed 1.09% to $66.48pb due to strong U.S. fuel demand as indicated by  EIA data, which shows a larger-than-expected drop in crude inventories. However, prices may decline in the near term due to OPEC+’s planned 411,000bpd output increase starting in May and the potential U.S.-Iran nuclear deal, which could boost global oil supply.

IMF projects Nigeria’s inflation rate to reach 30% in 2025 and 37% in 2026

The IMF forecasts Nigeria’s inflation to rise to 30% in 2025 and 37% in 2026, despite the CPI rebasing and new methodology. The IMF cites lower oil prices could lower government revenue and raise government borrowings, which could further fuel inflation.

Price of gold soared to a record high of $3,500/oz in April

The price of gold has surged by 32% to $3,500/oz in April from $2,646.97/oz in December 2024, as investors seek safer haven in gold due to heightened uncertainty. The dollar has weakened 10% against basket of currencies driven by escalation of the U.S.-China tariff war and concerns over Trump’s attack on Fed’s independence. The price of gold is likely to moderate in the near term as the U.S. is considering cutting China’s tariff.

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

Click the link  to watch the video.

Enjoy your read!