Oil has recovered 3.29% of its value and is currently trading at $52pb. This was largely attributed to lower-than-expected US crude inventories. Nigeria on the other hand is expected to reclaim its position as the largest exporter of oil in SSA.
Retail commodity prices have remained relatively unchanged because of market tentativeness. The fear of an exchange rate reversal continues to haunt traders, with the naira now trading at N385/$ in the parallel market.
The attached report summarizes the commodity price movements for this week.
Enjoy your read!