Dear Subscriber,

Oil prices is hovering around $90bp for a third day

Brent crude lost 0.43% to $90.21bp today (September 7) from $90.77bp on September 6 due to demand concerns in China. However, oil prices are expected to sustain a bullish trend in the near term owing to ongoing supply cuts by Saudi Arabia and Russia. Goldman Sachs is projecting that oil price will reach a high of $107pb in 2024.

Lithium Prices hit a 2-year low

Lithium, a key component of batteries, has seen its price plummet by 67.85% to $27,000 after hitting an all-time high of $84,000 in November 2022. This decline can be attributed to weak demand from China, the world’s largest consumer. China’s economy slowed to 0.8% in Q2’23 from 2.2% in Q1’23 due to its crumbling real estate sector, disinflation, and declining exports. However, we expect prices to rebound in the near term owing to the global transition towards cleaner and green energy.

These and other burning economic issues were discussed on the Business Morning programme on Channels TV by FDC’s senior analyst, Bolanle Agbaje.

Click the link below to watch the video.

Enjoy your read!