Oil stabilised at $52pb due to an unexpected decline in US crude inventories. All eyes are on OPEC’s meeting scheduled for May 25th.Investors remain cautious as US politics undermine market confidence.
Nigeria on the other hand is back on the radar as Forcados is expected to commence loading cargoes in May. Domestic commodity prices remain sticky downwards as crop diseases coupled with seasonal factors keep prices elevated.
The attached report summarizes the commodity price movements for this week.