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Oil prices seem to have stabilized after a steep selloff mid-week. Brent fell from around $85 to $80 over a two-day span, but prices were back up slightly on Friday. The global stock market plunge has had a negative effect on crude benchmarks demonstrating crude oil price volatility in response to global equity markets and the recent US dollar strength. The crude selloff was predicated on concerns that an overheated US economy could soon contract and reduce demand growth going forward. These fears ebbed somewhat after US equity markets opened higher on Friday, snapping back-to-back sessions of sharp declines. The drop in prices was amplified by The bearish figures eminating from the EIA it reported a 6-million-barrel increase in crude oil inventories 409 million due in part to record high production of 11.2 million b/d

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Nigeria is the only OPEC member country that imports gasoline (PMS) and holds the dubious distinction of being the largest importer  in the world. The Nigerian Bureau of Statistics(NBS) has reported that in Q2 Nigeria reportedly imported over 3.89 million metric tons at a cost of over US$2.7bn.

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The decision to enter into a currency Swap with the Peoples Bank of China was a policy decision initiated by the previous Governor of the Central Bank of Nigeria under an administration he frequently had well publicised disagreements. The CBN has increasingly taken on the role of a developmental bank with numerous interventions into troubled sectors of the economy. The swap does not enjoy universal acclaim and many commentators including this one, would like to have seen a more democratic basis for what may have profound negative effects on the market economy.

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Oil Analysts everywhere seem to agree to the inevitability of the coming bull market, many predicting Brent will hit US$100 a barrel before the end of the year for the first time since 2014. Net speculative long positions on the Nymex and ICE seem to provide further evidence . This Analyst does not share that sentiment. Some forecast the U.S. sanctions could remove 2 million bpd of Iranian crude from global markets. That is certainly a major upward revision on earlier projections that mostly hovered around 1 million bpd . Yet the actual effect of the sanctions remains uncertain even with less than two months to go.

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