Akintunde Oyedokun
Research Analyst
Oil prices fell over $1 on Thursday, with Brent at $61.11 and WTI at $57.39, as traders shifted focus back to Russia-Ukraine peace efforts. The impact of the U.S. seizure of a Venezuelan tanker has faded, though analysts warn any escalation could spark volatility. Tensions also rose after a Ukrainian drone strike hit a Russian oil rig in the Caspian Sea.
U.S. Jobless Claims Rise, Labour Market Remains Stable
U.S. jobless claims increased by 44,000 to 236,000 last week, marking the largest jump in over four years, largely due to seasonal effects.
The four-week average rose slightly, indicating the labour market is holding steady despite recent layoffs. Stocks and Treasury yields dipped, while the Fed’s rate cut to 3.50%–3.75% comes amid caution over potential labour market risks.
Canada Ends Seven-Month Trade Deficit With September Surplus
Canada posted a C$153 million trade surplus in September, driven by a 44% increase in exports to the U.S. Total exports rose 6.3%, led by metals, minerals, and aircraft, while imports fell 4.1%. The data reflects a recovery in Canada’s international trade after months of disruption.
South Africa’s Factory Output Shows Modest Growth in October
South Africa’s manufacturing sector expanded slightly, with output rising 0.2% year-on-year in October, following a revised 1.0% gain in September, according to official data. On a monthly basis, factory production grew 1.0% in October, after a 0.3% increase in the previous month. The modest gains suggest steady but cautious recovery in the country’s industrial activity.
Nigeria’s Q3 2025 Trade Hits N38.9 Trillion
Nigeria’s total trade rose to N38.9 trillion in Q3 2025, up 8.7% from last year, with exports at N22.8 trillion led by crude oil. Imports reached N16.12 trillion, leaving a trade surplus of N6.69 trillion.
Non-oil exports grew, but agricultural exports fell, showing persistent challenges outside the oil sector. China was the top import partner, while India, Spain, France, the Netherlands, and Italy led exports.
