Reports | Commodities

FDC Commodities Update: March 16, 2023

Mar 17, 2023   •   by   •   Source: FDC Ltd   •   eye-icon 51 views

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.

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