Oil prices rebound as the Israel-Hamas war lingers
Brent futures rose by 0.26% to $90.06pb today, recovering from the previous day’s loss of $89.83pb. Worries over possible supply disruptions in the Middle East owing to the Israel-Hamas war resurfaced, increasing bullish sentiments. We expect oil prices to be influenced by the release of US crude inventories data and persistent supply concerns.
Global prices of aluminium drops by 5%
Year-to-date, the price of aluminium fell by 5% to $2,181/tonne in October 2023 from $2,300/tonne in December 2022. This decline is due to the global economic downturn and the continuous strengthening of the US dollar, which makes commodities priced in dollars, like aluminium, more expensive for foreign buyers. Looking ahead, we expect prices to be bullish in 2024 owing to higher demand from China (top consumer) and supply shortages. The EIU estimates a supply deficit of 400,000 metric tonnes in 2024.
These and other burning economic issues were discussed on the Business Morning programme by FDC analyst Oluwatomi Mayowa on Channels TV.
Click the link below to watch the video.
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