Crude falls below $50 a barrel   First time in 2018

Nov 29 (Lagos) - Crude oil prices slipped below $50 a barrel for the first time in 2018.

Brent crude futures, traded down 74 cents, or 1.25%, to $58.35, after hitting its lowest level since Oct. 24, 2017.

Russian President indicated that he is comfortable with the current oil prices and that the Russian budget would be balanced at $40/barrel. He will meet with Saudi Arabia crown prince next week to discuss output. 

US President has also tweeted his support towards lower oil prices. 

India and China, the fastest growing economies of the world need lower oil prices to keep the growth rate going and if the oil prices start to climb above the $70/barrel mark, it starts affecting their currencies and global growth engine starts to falter. 

Nigeria in the middle of all this is meeting with Saudi Arabia officials to discuss output levels but the nature of Nigeria's relationship with Saudi is that of follow the leader and do what the master says. World Bank predicted that Nigeria's GDP growth for 2018 will not even be 2% so no surprise that the stock market sold off again today. 

reporting for on Thursday, Nov 29 2018 from Lagos, Nigeria

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