Some Nations like Nigeria that rely on crude oil sales for revenue will have their eyes on the figures as crude oil price falls.
On Tuesday, there was a global crude oil price fall, relinquishing some of the strong gains in the previous two sessions.
However, the market remained cautious ahead of U.S. inflation figures for April.
Indeed, those figures will be key to the Federal Reserve’s next interest rate decision.
Also, the Brent crude price was down 30 cents, or 0.4%, at $76.71 and U.S. West Texas Intermediate (WTI) crude fell 26 cents, or 0.4%, to trade at $72.90 in early trade, both contracts had settled up more than 2% in the previous trading session.
According to analyst, the market is cautious ahead of the inflation data, with net long positions declining sharply over the last two weeks, as a lot of traders are already out of the market resulting in low volumes.
Read Also: More Borrowing Pushes Up Nigeria’s World Bank Debt
Meanwhile, Asian stocks gained for a fourth day as investors see trade data from China, showing further growth in exports as global demand rebounded.
This is because China’s exports rose 8.5% in April, beating economists forecasts, signaling global demand remains robust.
Though, imports dropped 7.9%, worse than the median projection in a Bloomberg survey.
Meanwhile, Futures for the S&P 500 and Nasdaq 100 both edged lower in Asia, after the S&P 500 ended Monday fractionally higher.
The tech-heavy Nasdaq 100 gained 0.3% as AI-capable chipmakers Advanced Micro Devices Inc. and Nvidia Corp. rose alongside Google-parent Alphabet Inc.
