Oil prices recover slightly on financial meltdown worries

Brent price rose 1.15% to $74.54pb today after falling to a 15-month low in the previous trading day. This was due to renewed demand optimism as OPEC raised China’s demand forecast and the financial lifeline to Credit Suisse eased fears of a possible financial meltdown. However, this was still insufficient to bolster the oil price above $75pb. Nigerian oil production is still impeded by ongoing vandalism and bunkering. Production is at 1.30mpbd.

Domestic prices of yam rose by 5.88% while mango steadies 

In February, the price of yam inched up to N1800 from N1700 in January due to higher transportation costs. Meanwhile, the price of mango remained stable owing to increased harvest. The ongoing cash crunch would have different impacts on both commodities. On one hand, it will raise the price of yam while weighing on the price of mango in the near term.

The download and link below gives a snapshot of the discussion in the commodities segment of the Business Morning Programme on Channels TV.

Download Here - FDC Commodities Update: March 16, 2023

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