08 May 2019 : Oil prices held steady on Tuesday as record Chinese imports and tighter global supplies slightly overshadowed concerns over rising US-China tensions.

The price action witnessed in recent days suggests that oil may be waiting for a fresh directional catalyst to push higher or trade lower. Lower oil prices will pressure energy-exporting emerging markets such as Nigeria. With a handsome chunk of the nation’s export revenues sourced from oil sales, a drop in the commodity is negative for growth potential. Looking at the technical picture, WTI has scope to sink towards $60, which is Nigeria’s crude oil benchmark for the 2019 budget.

Source: Lukman Otunuga, FXTM Research Analyst

Reporting for EasyKobo on Wednesday , 08 May 2019 in Lagos, Nigeria