Akintunde Oyedokun
Research Analyst
Oil slipped below $60 a barrel on Tuesday as hopes for a Russia-Ukraine peace deal raised supply expectations.
Brent fell 1.7% to $59.53, U.S. WTI dropped 1.9% to $55.76. Rising supply, weak global demand, and slowing Chinese growth added pressure.
Analysts say prices may remain under pressure early next year amid ongoing market uncertainties.
UK Job Market Weakens Ahead of Budget
Britain’s unemployment hit 5.1%, the highest since early 2021, while private sector pay growth slowed to 3.9%, its weakest in nearly five years. Payrolls fell by 38,000 in November. Public sector wages, however, rose 7.6%, the fastest since 2001. The data suggests mounting economic pressure and raises expectations of a Bank of England rate cut.
Eurozone Growth Weakens as German Manufacturing Slumps
Europe closed 2025 with slow growth, eurozone GDP just above 1%. German manufacturing dragged the December PMI to a three-month low, while France saw slight gains. ECB likely done with rate cuts, but UK may cut further amid a slowing jobs market. Overall, the region shows resilience but faces ongoing economic headwinds.
Morocco Keeps Interest Rate Steady Amid Stable Outlook
Morocco’s central bank held its benchmark rate at 2.25%, citing low inflation and global uncertainties. The economy is expected to grow 5% in 2025, with inflation easing to 0.8% this year. Fiscal and current account deficits are set to narrow, while foreign reserves and public debt show improving trends. The bank plans a cautious approach to dirham liberalization, with inflation targeting to begin in 2026.
House of Reps Probes Dangote Refinery Fuel Licensing Dispute
Nigeria’s House of Representatives is investigating a clash between Dangote Refinery and the NMDPRA over fuel-import licences and pricing, after claims that cheap imports hurt local refineries. Dangote also urged a probe into NMDPRA chief Farouk Ahmed. Lawmakers warned the dispute could disrupt fuel supply and investor confidence, tasking petroleum committees to resolve the issue within four weeks.
