Oil Prices Steady After Sharp Sell-Off As Markets Weigh Oversupply, Russia Sanctions
Akintunde Oyedokun
Research Analyst
Oil prices inched higher on Thursday, recovering slightly from the previous session’s steep losses as the market balanced rising supply concerns with impending U.S. sanctions on Russia’s Lukoil. Brent crude rose by 1% to $63.35 per barrel, while WTI climbed 1.1% to $59.12 after both benchmarks suffered heavy declines on Wednesday.
Japan’s Wholesale Inflation Tops Forecast in October
Japan’s wholesale prices rose 2.7% in October, beating expectations as food and metal costs stayed high. Import prices fell, but the weakening yen risks lifting them again. Analysts see inflation easing ahead, yet currency pressure could delay that trend. The Bank of Japan remains cautious on further rate hikes as it tracks inflation to ensure it’s driven by domestic demand.
Australia Adds Jobs, Unemployment Falls, Rate Cuts Less Likely
Australia’s labor market surged in October, with 42,200 jobs added—driven by 55,300 full-time roles—bringing the unemployment rate down to 4.3%. Strong employment and steady participation boosted the Australian dollar and pushed bond futures lower. The data reduced expectations for further Reserve Bank of Australia rate cuts, as inflation remains above target and consumer demand strengthens, signaling limited need for monetary easing in the near term.
South Sudan Requests $2.5 Billion in Oil-Backed Loans
South Sudan has asked India’s ONGC Videsh and China National Petroleum Corporation for $2.5 billion in oil-backed loans to support government spending, exceeding its annual budget. The loans are to be repaid within 54 months, and no funds have been disbursed yet. Observers warn that rising debt and mismanagement of oil revenues could worsen the country’s ongoing humanitarian crisis.
Nigerian Senate Urges Review Of New 30% Capital Gains Tax After N2 Trillion Market Loss
The Senate has called on Finance Minister Wale Edun to review the 30% Capital Gains Tax on share sales above N150 million, following panic selling that wiped out N2 trillion on the Nigerian Stock Exchange. Senator Osita Izunaso warned that the sudden tax hike, part of the Nigerian Tax Act 2025 set for January 2026, has unsettled investors. Officials clarified it will not affect gains made before 2026, and Edun promised a cautious, consultative approach to implementing the reform.
