Brent crude is now trading at $51.48pb which is 4.69% above the July average of $49.17pb. Based on the marginal cost of $27pb, the yield on Nigerian crude is now $24.
Barring any resurgence in Niger Delta militancy, oil revenues should be positive in August. This will boost the external reserves which is now at a 14-month high of $30.77bn
The attached report summarizes the commodity price movements for this week.