Akintunde Oyedokun
Research Analyst
Oil prices slid on Friday after weak U.S. payroll data signaled slowing demand, while an unexpected 2.4 million-barrel build in crude inventories added to bearish sentiment. Brent settled at $65.50 a barrel, down 2.22%, and WTI closed at $61.87, losing 2.54%.
The decline followed reports that OPEC+ may raise production at its weekend meeting, raising concerns of oversupply. Analysts say the mix of weaker economic data and potential output growth could keep the market under pressure.
U.S. Job Growth Stalls, Unemployment Hits Four-Year High
U.S. job creation slowed sharply in August as nonfarm payrolls rose by just 22,000, far below projections, while the unemployment rate climbed to 4.3%, its highest level since 2021. June data was also revised to show a loss of 13,000 jobs, marking the first monthly decline in over four years.
The weak labor report signals a cooling economy and has strengthened expectations that the Federal Reserve will cut interest rates later this month to support growth.
Canada’s Job Market Stumbles as Unemployment Hits 7.1%, Rate Cut Looms
Canada’s economy shed 65,500 jobs in August, pushing unemployment to 7.1% — its highest level in nine years outside the pandemic. Most losses were in part-time work, driven by slower hiring and rising layoffs.
The weak data, the sharpest drop since January 2022, has fueled expectations of a Bank of Canada rate cut this month, with markets now pricing in a 92% chance of easing.
UN: War Crimes Likely in Congo as M23, Army Blamed for Atrocities
The UN Human Rights Office says M23 rebels, Congolese forces, and other militias have carried out brutal abuses in eastern Congo that may amount to war crimes and crimes against humanity.
The report highlights killings, torture, forced disappearances, hostage-taking, and widespread sexual violence since fighting flared in North and South Kivu last year, displacing hundreds of thousands and pushing the region closer to all-out war.
CBN Creates Compliance Department to Curb Fraud, Boost Oversight
The Central Bank of Nigeria (CBN) has launched a Compliance Department to strengthen supervision of financial crimes, market conduct, cybersecurity, and corporate governance. The move follows a 45% rise in fraud cases in 2024, mostly from digital channels.
CBN directed all financial institutions to route related reports to the new department and reminded operators to complete ISO 20022 migration and geo-tag payment terminals by October 31, 2025.
