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Oil prices inch closer to the $85pb benchmark

Brent sustained its gain today, trading at $84.72pb and reflecting a 0.36% increase when compared to its price in the previous trading day. This rise in the price of Brent was driven by growing risks of power outages and lower oil production as a hurricane makes its way toward the U.S. Gulf Coast. The global oil market is still being influenced by deepening demand concerns from top producers, China, and the US ahead of the release of key economic data this week.

The domestic price of beans (50kg) rose by 5.5% in August

The price of a 50kg bag of Oloyin beans in the country rose by 5.5% to ₦38,000 in August. Similarly, the price of a bag of Olotu beans spiked by 16.6% to ₦70,000 in the same period. This notable upswing in bean prices is attributed to the seasonality effect and limited global supply resulting from imposed restrictions on Niger’s export activities. Nigeria is the world’s largest consumer and producer of cowpeas (beans), accounting for 46% of the total global production. The reduction in Niger’s bean supply will reduce competition in the global market and cause the domestic price of beans to uptick further.

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

Click the link below to watch the video.

Enjoy your read!