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Brent down by 0.75% due to an increase in U.S. crude inventories

Brent futures declined by 0.75% to $74.35pb as the U.S. Energy Information Administration (EIA) reported a 0.49% rise in commercial crude oil inventories, to 427.7 million barrels. This exceeded analysts’ expectations of a 300,000 barrel increase to 425,900,000 barrels, signaling weaker demand in the near term.

In West Africa, Precise Intelligence, an oil and gas trading analytics firm, highlights that companies like Vitol, Trafigura, and BP Plc are now primary diesel buyers from Dangote’s refinery, accounting for 75% of its exports targeted at the ECOWAS market.

The price of cow leg soared to N8,700

In October, the price of a big piece of cow leg, or bokoto, spiked by 117.5% (yoy) to N8,700, driven by strong demand and rising transportation costs. Elevated input costs, such as feed and medication, also supported prices upward. To ease price pressures, there is a need for government investment in infrastructure like rail to mitigate transport expenses.

FDC’s M.D., Mr. Bismarck Rewane, and Manager, Terver Kumeka, 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!