FDC COMMODITY UPDATE – MARCH 11, 2021

Dear Subscriber,

Oil Price Climbs back

Brent climbed today to $69pb, as signs emerged that a recovery in fuel consumption is beginning to gain traction according to Bloomberg. Nigeria and other OPEC members are maintaining strict output discipline to keep prices stable. Chevron announced yesterday that oil prices are likely to decline as the global demand supply balance becomes more manifest.

The EIU in its Nigeria outlook today projects that an export slump due to low world oil prices and OPEC quotas will keep Nigeria’s current account in deficit in 2021 for a third consecutive year.

The download and link gives a snapshot of the discussion in the commodities segment of the Business Morning Programme on Channels TV.

Enjoy your read!