Naira Rebound and Crude Oil Drop Buys President Tinubu Some Time

Major petroleum product traders and other independent traders could enjoy some relief from rising gasoline importation costs after oil prices posted their first weekly decline in more than two months coupled with the strengthening of the naira

Oil prices fell more than 3% in the week to August 18 on concerns about slowing economic growth in China, the world’s biggest oil importer, and expectations of further US interest rate hikes. International benchmark Brent crude traded at $83.5 a barrel on Friday, down 3.1% from Monday’s closing price of $86.21 a barrel.

Investors’ concerns remain focused on the tension between slowing global growth and tight global supply, prices are likely to remain range-bound for now.