₦airaland Forum

The price of U.S. oil tumbled near $40 a barrel, capping a tumultuous week across commodities.

Fresh signs of increasing supplies and slackening demand, especially in China, pummeled markets from crude oil to coffee to copper. The S&P GSCI index, which tracks the prices of 24 commodities, shed 4% this past week to close at its lowest level since August.

The declines this week came as a flurry of disappointing economic data came out of China, a major consumer of raw materials. Meanwhile, indications emerged that commodity supplies would remain abundant longer than many investors had expected. Another factor was a strengthening dollar, which encouraged producers outside the U.S. to ramp up commodity sales, while concerns rose about global demand.

Driving the move lower is “evidence of a general economic slowdown outside the U.S., combined with supply gluts in many different commodities,” said Bill O’Neill, a broker with Logic Advisors. “A lot of these markets are cheap, but they can get cheaper.”

The drop in commodity prices rippled through other financial markets. Share prices of miners and oil producers plunged, weighing on stock indexes. On Friday, the Dow Jones Industrial Average declined 202.83 points, or 1.2%, to 17245.24, falling 3.7% on the week, its first weekly decline in nearly two months. Currencies of developing economies dependent on commodity exports, such as Brazil and South Africa, slumped.

The selloff follows a period of relative stability across commodity markets in October.

The forces pushing down on commodities this past week were on prominent display in the oil market. Both the Organization of the Petroleum Exporting Countries and the International Energy Agency sounded alarms about large stockpiles of crude oil around the world, which could keep prices low even if non-OPEC production declines next year as expected.

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http://www.wsj.com/articles/oil-prices-near-two-month-low-in-asia-1447392920

pls fall to 0.99 dollars so that we can use our heads to think rather than our BEHINDS

Time to go back to the drawing board if at all there is still space left on the board

Heavenly Father


Kindly help Buhari with wisdom to direct Nigeria in such a way that this impending doom will passover Nigeria

And Preserve our lives so we may Glorify your name through your son

IJN

When buhari is in charge who is the commander in chief of bad luck. since he came is one bad news to another. I reject every spirit of buhari in my life.

We will start exporting gworo frm daura

more adjustments to macro economic policies will cushion the effect. No more extravagance, by either govt, private institutions and individuals. when income reduces, spending shld cut.

Leboska:
When buhari is in charge who is the commander in chief of bad luck. since he came is one bad news to another. I reject every spirit of buhari in my life.

amen ooo

Serios!

Let the oil be $0.1, Enof of the wealth without work in Nigeria

DaBullIT:
Heavenly Father


Kindly help Buhari with wisdom to direct Nigeria in such a way that this impending doom will passover Nigeria

And Preserve our lives so we may Glorify your name through your son

IJN

.

That prayer will never work


Tell Buhari to embrace true federalism

DaBullIT:
Heavenly Father


Kindly help Buhari with wisdom to direct Nigeria in such a way that this impending doom will passover Nigeria

And Preserve our lives so we may Glorify your name through your son

IJN

Let him grant Biafra its autonomy first and everything will fall into place