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Oil prices steady after rising to a seven-month high 

Brent steadies at $87.53pb today, a slight decline (0.56%) from a seven-month high of $87.55pb reached on August 9. This was mainly due to tighter oil supply in the global market and faded fears of additional rate hikes by the US Fed, which offset the larger-than-expected build in US crude inventories and lingering demand concerns from China. However, investors remain optimistic owing to the escalating conflict in Russia and OPEC+’s forecast of robust global oil demand for the rest of the year and in 2024.

Domestic cooking gas price to surge in the coming week

The domestic price of cooking gas is expected to rise in the coming week after European gas prices jumped by almost 40% on August 9. According to marketers, the intended hike in cooking gas prices is driven by the high tax rates, vessel prices, forex scarcity, naira devaluation, and elevated LNG prices in the international market. As of August 10, the price of LNG stood at $2.96/mmbtu, up 0.14% when compared to $2.95/mmbtu on the preceding trading day as supply risks from Australia bolstered prices.

These and other burning economic issues were discussed on the Business Morning programme on Channels TV.

Click the link below to watch the video.

Enjoy your read!