Akintunde Oyedokun
Research Analyst
Oil prices edged higher on Monday as markets weighed upcoming nuclear talks between the United States and Iran against potential output increases from OPEC+.
Brent rose to $68.16 per barrel and WTI to $63.32, with trading subdued due to the U.S. Presidents’ Day holiday and Lunar New Year closures in parts of Asia.
China’s imports of Russian crude are also set to hit a new record in February, while India reduces purchases under U.S. pressure.
EU Trade Surplus Falls Amid U.S. Tariffs, Chinese Competition
The EU’s trade surplus narrowed to €12.9 billion in December from €14.2 billion a year earlier, as exports to the U.S. fell 12.6% to €9.3 billion due to tariffs, while the trade deficit with China rose to €26.8 billion from €24.5 billion. Key export sectors—machinery, vehicles, and chemicals—continued to decline, offsetting gains from lower energy imports. For the full year, the EU’s trade deficit with China grew about 15%, reflecting rising competition in high-tech goods.
Despite external pressures, eurozone GDP grew 0.3% in Q4 2025, keeping annualized growth near 1.25%, supported by AI-related investments, domestic consumption, a 0.2% rise in employment, and Germany’s fiscal boost in defence and infrastructure. Economists warn that regaining U.S. market share could take years, leaving net exports—a key growth driver—under pressure.
India’s Wholesale Prices Jump In January
India’s wholesale prices rose 1.81% year-on-year in January, the fastest pace in 10 months, driven by higher vegetable and basic metal costs. Food prices increased 1.41%, vegetables surged 6.78%, manufactured goods rose 2.86%, while fuel and power fell 4.01%. Rising global metal prices contributed, but the increase is not expected to affect monetary policy. The rise signals renewed inflationary pressures in the economy amid costlier raw materials.
Kenya’s Jomo Kenyatta Airport Hit By Aviation Union Strike
Flight operations at Nairobi’s Jomo Kenyatta International Airport faced delays on Monday as aviation union members began a strike over unresolved labor disputes, including a stalled collective bargaining agreement.
Union secretary-general Moss Ndiema confirmed the strike was in full effect, noting no court order had halted the action. The disruption affected departures and arrivals, with Kenya Airways and Tanzania’s Precision Air reporting delays at the East African hub.
Nigeria’s Inflation Slows to 15.10% In January
Nigeria’s annual inflation eased to 15.10% in January from 15.15% in December, marking the tenth straight monthly decline, the National Bureau of Statistics (NBS) reported on Monday.
Food inflation, a major driver of the trend, fell to 8.89% from 10.84%, easing pressure on households. The NBS said its revised 12-month average methodology better reflects real-world prices.
