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Brent increased by 0.50% due to a decline in U.S. crude inventories

Brent futures rose 0.50% to $72.91pb due to an unexpected drop in U.S. crude inventories. The Energy Information Agency reported a 0.12% decrease (515,000 barrels) to 425 million barrels for the week ending October 25, defying analysts’ expectations of a 2.3 million barrel increase. Optimism about U.S. fuel demand and a potential OPEC+ plan to delay output hikes further supported oil prices.

The price of onions spiked by 76% in October due to supply shortages

In October, the price of a 50kg bag of onions soared by 76% year-on-year, rising from N85,000 to N150,000. This spike is mainly attributable to supply shortages resulting from floods and post-harvest losses. Prices of onions are expected to remain relatively high, prompting farmers to boost cultivation by investing in fertilizers to increase yield. This increased output will result in a fall in prices in the next season.

FDC’s Senior Associate, Dumebi Oluwole and analyst, Rosemary Adibe, discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated programmes, respectively.

Click the link below to watch the video.

Enjoy your read!