Brent gains as Libya’s major oil field is shut down
Brent price rose 0.75% ($78.84pb), 1.13% slightly above the benchmark of ($77.96) on January 4 as Libya’s Sharara oilfield, which produces about 300,000 barrels per day, shut down due to local protests. Heightened Middle-East tensions further raised concerns about global oil supply, and supporting prices. However, oil prices may ease in the near term as the United States Secretary of State’s visit to the Middle East holds promise of de-escalating conflict in the region.
Food prices are starting to cool in January
In spite of unfounded rumors that the pump price of PMS will increase to N1,200/liter, the prices of most items in the food basket declined in the first week of January. Our market survey shows that the average monthly price of the items decreased by 19.10%. The commodities include garri, tomatoes, pepper, onions, palm oil, and yam. Historical data shows a trend of declining monthly food inflation in the month of January. This is mainly due to the income squeeze that usually accompanies the payment of school fees by parents.
These and other burning economic issues were discussed on Channels TV Business Incorporated Programme by FDC’s MD, Mr. Bismarck Rewane
Click the link to watch the video.
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