Oil Prices Rise On Russian Port Disruption, Weighed By U.S. Economic Concerns
Akintunde Oyedokun
Research Analyst
Oil prices gained on Friday after a Ukrainian drone strike temporarily halted crude loadings at Russia’s Primorsk port. Brent crude closed at $66.99 per barrel, up 0.93%, while WTI ended at $62.69, up 0.51%. The upside was limited as traders shifted focus to weaker U.S. economic data, including a sharp downward revision to job creation and higher-than-expected August inflation. Market participants are also monitoring potential U.S. measures aimed at curbing Russian crude exports to India and China.
Russia Trims Rate to 17% Amid Inflation Concerns
Russia’s central bank cut its key rate by 100 basis points to 17%, a smaller move than expected, citing stubbornly high inflation. Economic growth is forecast to slow from 4.3% in 2024 to 1.2% this year, raising fears of stagnation.
The rouble, down 5% earlier in the week, recovered 0.8% to 83.85 per dollar after the decision. The bank aims to return inflation to its 4% target next year.
India’s August Inflation Rises To 2.07%, Still Within RBI’s Comfort Zone
India’s retail inflation climbed to 2.07% in August from 1.61% in July, driven by higher food costs, but remained within the Reserve Bank of India’s 2–6% target range, leaving space for a potential rate cut later this year. The rise was fueled by increases in vegetable, meat, fish, and oil prices, though food inflation still showed a yearly decline.
Congo Boat Fire Kills 107, 146 Missing In Deadly River Tragedy
At least 107 people died and 146 remain missing after a whaleboat caught fire on the Congo River near Malange village. Authorities rescued 209 survivors as the vessel burned and drifted downstream, destroying cargo and 15 homes.
Rescue efforts continue, with officials promising aid for victims and families. The disaster comes just days after 86 people died in another overloaded boat accident in Basankusu territory.
FG to Reclaim Abandoned Silos, Cut $10bn Post-Harvest Losses
he Federal Government will repossess idle silos to curb annual post-harvest losses of $10 billion, Agriculture Minister Abubakar Kyari said Friday.
A new committee will review concession agreements, enforce compliance, and sanction defaulters. Only Flour Mills of Nigeria is fully meeting its obligations, while several facilities remain abandoned or vandalized.
Kyari said reviving silos is key to food security and aligns with President Tinubu’s agricultural agenda.
