Dear Subscriber,

Oil prices dip after six weekly gains

Brent lost 0.89% today to trade at $84.58pb on expectations of weaker demand from China and the US, the largest oil consumers. The drop in oil prices was further supported by the appreciation of the US dollar in the international market, driven by the Federal Reserve’s indication of maintaining a hawkish stance in its upcoming meeting to achieve its 2% inflation target. In spite of these influences, oil prices remained above $80pb due to supplementary output reductions from Saudi Arabia and Russia.

Soybean futures extend decline

Soybean futures dropped to a one-month low of $1,285.50/bushel on August 8 as adequate rains in the US improved supply prospects. This, coupled with the rise in Brazil’s crop yield, caused soybeans to give back some gains after the Black Sea concerns bolstered prices. Furthermore, the continuous strengthening of the US dollar and bearish global macroeconomic environment are expected to negatively affect grains such as soybeans in the near term.

These and other burning economic issues were discussed on the Business Morning programme on Channels TV by FDC’s senior analyst, Dumebi Oluwole.

Click the link to watch the video.

Enjoy your read!