Economy
Crude Oil Trades Lower on Easing Supply Concerns
By Adedapo Adesanya
On Tuesday, crude oil traded lower on signs of easing supply concerns, with Brent falling by 17 cents to close at $83.16 per barrel, and the US West Texas Intermediate (WTI) crude depreciating by 10 cents to finish at $78.38 a barrel.
Data from the American Petroleum Institute (API) showed a jump in US crude and fuel stocks last week, as inventories in the US, the largest oil producer, rose by 509,000 barrels for the week ending May 3 versus a 4.906 million barrel build in crude inventories in the preceding week.
Rising inventories, typically a sign of weak demand, have defied analysts’ expectations in recent weeks.
Official data from the US Energy Information Administration (EIA) is due later on Wednesday.
The EIA on Tuesday raised its forecasts for this year’s world oil and liquid fuels output and lowered its demand expectations, pointing to a well-supplied market as opposed to prior forecasts that showed under-supply.
The market also continued to weigh the possibility that the Organisation of the Petroleum Exporting Countries (OPEC) will continue its production cuts beyond June against uneventful economic data and geopolitical risks.
Traders largely looked past escalating tensions in the Middle East, where the Israeli military seized control of the Rafah border crossing between the Gaza Strip and Egypt and its tanks pushed into the southern Gazan town of Rafah.
This is as mediators struggled to secure a ceasefire agreement.
The US said negotiations on a Gaza ceasefire should be able to close the gaps between Israel and Hamas while Israeli forces seized the main border crossing in Rafah on Tuesday, closing a vital route for aid.
Hamas warned that if Israel’s military aggression continued in Rafah, there would be no truce agreement.
Any truce would be the first pause in fighting since a week-long ceasefire in November during which Hamas freed around half of the hostages and Israel released 240 Palestinians it was holding in its jails.
Since then, all efforts to reach a new truce have foundered over Hamas’ refusal to free more hostages without a promise of a permanent end to the conflict, and Israel’s insistence that it would discuss only a temporary pause.
According to market analysts, traders’ focus has shifted from the geopolitical happenings and appears directed towards the uncertainties surrounding global economic growth prospects and the anticipated impact of sluggish growth on oil demand.
By Adedapo Adesanya
The Naira suffered a decline of N5.87 or 0.43 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, April 7, to trade at N1,386.66/$1 compared with the previous value of N1,380.79/$1.
It was the first trading day in the local currency market after it closed last Friday and Monday for the Easter holiday.
In the same market window, the Nigerian Naira also depreciated against the Pound Sterling during the session by N13.71 to sell for N1,838.57/£1 versus N1,824.86/£1, and lost N13.69 on the Euro to quote at N1,605.61/€1 versus N1,591.92/€1.
In the black market, the Nigerian currency maintained stability against the Dollar yesterday to remain unchanged at N1,4010/$1.
Despite the recent movement, analysts remain optimistic about the outlook of the currency in 2026, citing ongoing reforms by the Central Bank of Nigeria (CBN).
The Centre for the Promotion of Private Enterprise (CPPE) said Naira stability in the first quarter of the year boosted business confidence, noting that the currency remains relatively stable during the period, trading within the N1,340 to N1,430 per Dollar band.
It attributed the stability to improved foreign exchange liquidity, stronger oil earnings, and rising external reserves, which had climbed above 50 billion dollars.
In the cryptocurrency market, prices rose after US President Donald Trump announced a two-week cease-fire with Iran, abruptly reversing days of bearish positioning.
The spike triggered roughly $595 million in crypto liquidations, with short positions making up about $427 million, marking the most aggressive short squeeze since early March. Short positions occur when investors profit from a decline in the price of an asset, so when prices rise, losses occur for the shorts.
Cardano (ADA) rose by 8.3 per cent to $0.2629, Ethereum (ETH) appreciated by 7.3 per cent to $2,249.69, Solana (SOL) added 6.6 per cent to sell for $84.67, Ripple (XRP) jumped 5.8 per cent to $1.38, Dogecoin (DOGE) expanded by 5.1 per cent to $0.0949, Bitcoin (BTC) grew by 5.0 per cent to $71,897.41, Binance Coin (BNB) increased by 3.3 per cent to $616.35, and TRON (TRX) gained 0.1 per cent to trade at $0.3160, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Dipo Olowookere
The first trading session on the floor of the Nigerian Exchange (NGX) Limited after the two-day break for Easter ended on a positive note, with a 0.16 per cent rise on Tuesday, April 7, 2026.
The local stock exchange last opened its doors to investors last Thursday, and at the resumption of trading activities yesterday, market participants showed enthusiasm, mopping up shares in the banking ecosystem, and rescuing the bourse from the bears.
This returned Customs Street to the green territory, with the All-Share Index (ASI) growing by 324.21 points to 202,023.10 points from 201,698.89 points, and the market capitalisation up by N209 billion to N130.015 trillion from N129.806 trillion.
The expansion experienced during the session was inspired by three sectors, with the banking index up by 1.46 per cent, the energy space up by 0.12 per cent, and the consumer goods counter up by 0.10 per cent. But the insurance sector lost 1.37 per cent, and the industrial goods sector depreciated by 0.31 per cent.
Business Post reports that investor sentiment was bearish on Tuesday after a negative market breadth index caused by 25 price gainers and 36 price losers.
Ellah Lakes slumped by 10.00 per cent to N10.80, DAAR Communications gave up 9.95 per cent to trade at N1.72, Chams decreased by 9.87 per cent to N3.38, John Holt lost 9.71 per cent to finish at N13.95, and Sunu Assurances slipped by 9.68 per cent to N4.20.
On the flip side, Trans Nationwide Express gained 9.86 per cent to quote at N3.12, Omatek appreciated by 9.76 per cent to N2.25, Cadbury Nigeria improved by 9.53 per cent to N75.25, First Holdco rose by 9.10 per cent to N54.55, and Fortis Global Insurance chalked up 6.50 per cent to close at N1.31.
Trading data revealed that activity level improved during the session, with the trading volume up by 114.29 per cent to 1.2 billion shares from 560.0 million shares, the trading value surged by 108.81 per cent to N40.3 billion from N19.3 billion, and the number of deals soared by 57.03 per cent to 78,006 deals from 49,676 deals.
Wema Bank transacted 282.6 million equities valued at N7.3 billion, Access Holdings exchanged 125.2 million stocks worth N3.3 billion, VFD Group traded 106.8 million shares for N1.1 billion, First Holdco sold 63.0 million equities worth N3.2 billion, and GTCO exchanged 56.6 million shares valued at N7.1 billion.
By Adedapo Adesanya
The oil market was down $100 per barrel on Wednesday after US President Donald Trump said he had agreed to a two-week ceasefire with Iran, subject to the immediate and safe reopening of the Strait of Hormuz.
Brent futures lost $14.51 or 13.3 per cent to sell for $94.76 a barrel, while the US West Texas Intermediate (WTI) futures fell by $17.16 or 15.2 per cent to $95.79 a barrel.
WTI has maintained its price premium over Brent in a reversal of typical price patterns due to its delivery contract being for May while Brent is for June, reflecting that barrels with an earlier delivery date are commanding a higher price.
President Trump’s turnaround came shortly before his deadline for Iran to open the Strait of Hormuz, where 20 per cent of the world’s oil transits, or face widespread attacks on its civilian infrastructure.
“This will be a double-sided CEASEFIRE!” he wrote on social media, after posting earlier on Tuesday that “a whole civilisation will die tonight” if his demands were not met.
President Trump indicated that negotiations may be progressing toward a more durable agreement, citing a 10-point proposal from Iran that he described as a “workable basis” for long-term peace.
Iran said it would halt its attacks if attacks against it stopped and that safe transit through the Strait of Hormuz would be possible for two weeks in coordination with Iranian armed forces.
Despite the breakthrough, tensions remain elevated across the region, with several Gulf states reporting missile launches, drone activity, or issuing civil defence warnings.
The single most important factor to watch will be how many tankers cross the Strait of Hormuz with this new agreement in place. Already, another tanker operated by Malaysia’s Petronas and carrying Iraqi crude was allowed passage in the latest sign of a modest restoration of oil flows via the chokepoint.
Earlier in the week, two tankers carrying LPG for India were also allowed to pass the strait after Iran began making individual passage deals with foreign governments. The past few days have also seen three Oman-operated vessels clear the chokepoint, as well as a French container ship and a Japanese gas carrier. China, Russia, Turkey, and Pakistan are also among the countries that Iran is allowing to send ships via the waterway.
The US-Israeli war with Iran saw the steepest monthly oil price rise in history in March of more than 50 per cent.
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