Oil prices plunge 3% on oversupplied market

Oil prices fell three percent on Friday after data showed U.S. production rose last week just as OPEC exports hit a 2017 high, casting doubt over efforts by producers to curb oversupply, Reuters reports. Global benchmark Brent futures LCOc1 were down $1.43, or  three percent, at $46.68 a barrel at 1116 GMT, after falling to […]

Inflation watch: FSDH analysts see index dropping 0.16bps to 15.46% in June

Anticipating the Nigerian Bureau of Statistics figures, analysts at FSDH research have projected a further drop in inflation figures for the month of June. “We expect the June 2017 inflation rate (year-on-year) to drop to 15.64% from 16.25% recorded in the month of May 2017,” they said, attributing their prognosis to the moderation in prices […]

Long rough road still ahead for Nigeria naira, says EIU

*Central bank can’t keep a hard peg on currency… The Economist Intelligence Unit (EIU), a member of The Economist Group, is projecting that a rough road is still ahead for the Nigerian currency, the naira, ahead the country’s elections and into 2021. In a July Nigeria country report just released by the EIU and seen […]

Russia new stumbling block to OPEC production curbs

Russia has been reported to have opposed any proposal to deepen OPEC-led production cuts, which has led to crude oil prices falling sharply since this week, snapping the longest winning streak this year. Bloomberg reports that Russia doesn’t want to change the current deal because any further supply curbs would send the wrong message to […]