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Brent up 1.40% to $76.97pb on supply disruptions

Brent futures rose to $76.97pb from $75.91pb on Tuesday due to concerns over Russian and Iranian supply disruptions. The U.S. tariff hikes on steel and aluminium imports to 25% also supported the price increase. Oil prices are expected to remain bullish in the near term as sanctions continue to impact the market. In Nigeria, the pump price of PMS fell 5.15% to N925/litre from N970/litre.

The price of aluminium increased to $2,636/tonne

The global price of aluminium climbed to $2,636/tonne after President Trump raised tariffs on aluminium and steel imports to the U.S. from 10% to 25%, effective March 4. This could increase domestic construction costs, driving up housing prices and rent.

FDC’s manager, Dumebi Oluwole, and senior analyst, Tomiwa Ajewole, 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.

Enjoy your read!