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Brent is back below $80pb on Tuesday

Oil prices fell by 0.62% to $79.56pb today, below the $80pb mark. The price decline is driven by ample global crude supplies as Libya’s Sharara field, with a production capacity of 300,000 barrels per day commenced operations. The rising oil supply offset the earlier gain in the previous trading session supported by the Middle East tension and tight supply from the U.S. However, Brent prices are still expected to be bullish on expectations of lower U.S. crude inventory and lingering Middle East tensions in the near term.

MPC meeting holds in February as Nigeria braces for jumbo rate hike

The MPC is scheduled to meet on February 26-27 after a prolonged break since July 2023. MPC meetings must be consistent to address the country’s key economic issues such as inflation, interest rate, money supply, and exchange rate. Moreover, we anticipate that the monetary policy rate will increase by 350-500 basis points as the CBN muscles up to support the naira and tame inflation.

Dangote diesel to hit the market next week

The Dangote refinery commences production next week with a 33 million litres initial supply of diesel and aviation fuel. The firm intends to transport 70% of its diesel by marine vessels to ease traffic congestion along the Lekki expressway.

These and other burning economic issues were discussed on Channels TV Business Incorporated Programme by FDC M.D, Mr. Bismarck Rewane

Click the link to watch the video.