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Brent slipped by 1.38% to $80.58pb on lackluster oil consumption in China

Brent fell 1.38% to $80.58pb on Thursday due to weak Chinese demand, the world’s largest oil consumer. Data showed an 11% decrease in China’s fuel imports in the first half of 2024. Oil prices are expected to rise in the near term, supported by higher-than-expected economic growth in the U.S. (2.8%) and the prospect of a rate cut in September. The naira traded flat at N1,590/$ in the forex market, partly due to the increased cost of borrowing by banks.

 The price of maize to fall by 14.28% to N90,000 per 100kg from N105,000

The domestic price of a 100kg bag of maize is likely to decrease by 14.28% to N90,000 from the current price of N105,000. The anticipated drop is due to a five-month import duty waiver on maize starting August 1. The expected decline in the price of maize will reduce the price of livestock feed in August and September.

FDC’s Manager, Terver Kumeka 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 to watch the video.

Enjoy your read!