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Oil prices near $100pb as US oil reserves dip to a 40-year low
Brent futures reached a new 10-month high of $97.46pb, gaining 0.94% on September 28, 2023. This notable rise in oil price was driven by a 2.5mbpd decrease in US crude inventories. Moreover, the uptick in price was also fueled by worries about the supply cuts from OPEC+, especially Russia and Saudi Arabia.
In the near term, tight global oil supply is projected to bolster oil prices to $100pb benchmark.
Cotton price edge closer to $90/lb
The price of cotton increased marginally to 0.94%, reaching $89.13/lb on September 28th from $88.65/lb. The increase was mainly due to bad weather conditions in the US, which made cotton production drop by 860,000 bales this month, and its influence on the market perception of trading.
Furthermore, We expect to see an increase in the price in the near term, due to a reduced crop yield of cotton.
These and other burning economic issues were discussed on the Business Morning programme on Channels TV by FDC’s senior analyst, Adesola Sunmoni.
Click the link below to watch the video
Enjoy your read!
