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Brent rose to $69.15pb

Brent futures increased by 0.93% to $69.15pb, driven by optimism over U.S.-EU trade talks, which could ease global economic pressures. The decline in the U.S. crude inventories to 419 million barrels from 415.80 million barrels further supported the price increase. This upward trend is positive for Nigeria, potentially boosting export earnings and strengthening foreign reserves.

The price of coal plunged to $111/tonne

Global coal prices have dropped 11% (YTD) to $111/tonne, buoyed by weakening demand and the global shift toward renewable energy. In Nigeria, charcoal prices remained stable at ₦9,500 per 100kg bag. However, with declining cooking gas prices, a near-term drop in charcoal demand and prices is expected as more Nigerians embrace cleaner substitutes.

FDC’s M.D., Mr. Bismarck Rewane, and analyst, Rosemary Ehira, 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!