Brent rose by 0.66% to $78.85pb on Thursday, driven by heightened Middle East tension after the killing of Hamas and Hezbollah leaders and Iran’s retaliatory strike on Israel, raising supply concerns. A larger-than-expected drop in U.S. crude inventories further supported the price increase. Near-term oil prices are expected to stay bullish due to the potential for further Iranian retaliation and Israel’s focus on eliminating new Hamas leaders.
The price of lithium plunged 85% to $12,000 per ton
Lithium price sank by 85%, from $80,000 per ton in 2022 to $12,000 on August 7, 2024, due to increased supply from the expansion of mining operations and weaker Chinese demand. Despite Nigeria’s large lithium deposits, it missed out on the price boom due to low production from underinvestment, illegal mining and smuggling. However, Nigeria needs substantial foreign investments in lithium mining, infrastructures, and processing plants to manufacture EV batteries, which can boost export revenue.
FDC’s M.D, Mr. Bismarck Rewane and senior analyst, Tomiwa Ajewole, discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated programmes, respectively.
