With concerns over a five-week long steady decline in crude oil price, economists at FSDH Merchant Bank Limited, yesterday posted what may be the likely impact on Nigeria’s economy in the short-to-medium term perspective.
According to data obtained from the US Energy Information Administration (EIA) Short-Term Energy Outlook (STEO) in its report for November 2018, crude oil prices declined in October at a faster rate than in any month since July 2016.
Brent spot crude oil price declined by U$10 per barrel (p/b) in October to close at U$75 p/b.
Similarly, Bonny Light crude oil price declined by 16.01% in October to close at US$73.34 p/b. The price of Bonny Light crude oil dropped further to US$71.31 per barrel as at 7th November 2018. This represents a drop of US$16.35 p/b from the highest price of US$87.66 recorded in October 2018. Read more