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Brent slipped 0.34% to $82.02pb as OPEC+ lowered its oil demand growth forecast

Brent fell by 0.34% to $82.02pb on Tuesday due to demand concerns after OPEC lowered its 2024 global oil demand growth forecast by 6.22% to 2.11 mbpd from 2.25 mbpd. The revision was hinged on a slowdown in Chinese demand. However, Nigeria’s oil production increased by 2.34% to 1.31 mbpd in July from 1.27mbpd in June, potentially improving the government’s coffers. Oil prices are expected to remain bearish in the near term on lingering demand concerns.

The global price of Soybean declined by 34.10% to $1,005.00/bushel (yoy)

Soybean prices dropped 34.10% to $1,005.00/bushel in August from $1,525.00/bushel in August 2023, due to higher supplies from Brazil, the U.S., and Argentina. However, local soybean prices have surged in Nigeria due to low production, contributing to higher poultry feed costs. In the near term, the domestic price of soybeans is expected to remain elevated, nudging inflationary pressures.

FDC’s Senior Associates, Dumebi Oluwole and Halima Adediran, discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated programmes, respectively.

Click the link to watch the video.

Enjoy your read!