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Brent fell 0.63% to $87.84pb on rising U.S. supply

On Tuesday, Brent crude slipped by 0.63% to $87.84 per barrel, triggered by an increase in U.S. crude production. The U.S. Energy Information Administration reported a 4.53% rise in production to 13.15 million barrels per day in February. Additionally, oil exports grew by 3.56% to 4.66 million barrels per day. Ironically, the supply of PMS in Nigeria fell sharply, thus exacerbating the long queues in petrol stations in many parts of the country, especially Abuja, Lagos, and Kaduna.

The price of copper increased sharply by 18.62% to $10,135.5/ton

The global price of copper surged 18.62% to $10,135.50/ton (YTD), driven by a potential supply deficit in March. Copper inventory dropped 35.24% to 107,300 tonnes in March from 165,700 tonnes in January due to the halt of operations at the Cobre mine in Panama and declining ore grades at key producers. The increase in the price of copper will pass down to so many final consumer products, such as rent, power, internet services, and electric vehicles, exacerbating inflationary pressures.

FDC’s M.D., Mr. Bismarck Rewane, and senior associate, Halima Adediran, discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated programmes, respectively.

Click the link below to watch the video.