Akintunde Oyedokun
Research Analyst
Oil prices rose nearly 1% on Wednesday, rebounding from earlier losses as U.S. crude and gasoline inventories dropped more than expected, signaling strong demand. Brent settled at $67.68 and WTI at $64.92, after falling sharply earlier in the week due to easing tensions between Iran and Israel.
A ceasefire announcement and falling geopolitical risk pressured prices earlier, but supply concerns persist. Analysts expect oil to stabilize between $65–$70 as traders eye U.S. economic data and the likelihood of a Fed rate cut to boost growth and oil demand.
Australia’s May Inflation Cools Sharply, Strengthening July Rate Cut Case
Inflation in Australia eased to 2.1% in May, while core inflation dropped to 2.4%—its lowest in over three years. This surprise slowdown has increased market confidence in a July 8 rate cut, with a 92% probability now priced in.
Major banks, including CBA and TD Securities, now expect the Reserve Bank of Australia to cut rates next month, citing weak consumption and easing price pressures. Although the economy is sluggish, the labour market remains firm, keeping unemployment at 4.1%.
Investors anticipate continued monetary easing, with up to 78 basis points in cuts expected by the end of 2025.
India’s Economy Shows Resilience Amid Global Uncertainty, Says RBI
India’s economy remains strong despite global trade and geopolitical tensions, the Reserve Bank of India (RBI) stated in its June bulletin. The RBI highlighted robust activity in industry, services, and agriculture, supported by low inflation, which slowed to 2.82% in May—its lowest in over six years. Recent rate cuts and reduced bank reserves aim to stimulate growth, with financial conditions seen as supportive. The RBI said upcoming trade decisions and geopolitical shifts will shape the outlook, while future policy moves will remain data-driven.
Ghana Secures $2.8bn Debt Relief To Strengthen IMF Bailout, Economic Recovery
Ghana’s parliament has approved a $2.8 billion debt restructuring deal with 25 creditor countries, including China, France, the U.S., and the U.K., unlocking continued support from its $3 billion IMF bailout program.
The agreement delays debt payments due between 2022 and 2026, with repayments pushed to 2039–2043 at reduced interest rates of 1%–3%. The move is aimed at easing Ghana’s financial burden, restoring economic stability, and supporting long-term recovery.
Negotiations with commercial creditors are still in progress.
Nigeria and Denmark to Work Together on Farming, Education, Aid
President Bola Tinubu has said Nigeria is ready to build stronger ties with Denmark in farming, education, and humanitarian support. During Queen Mary of Denmark’s visit to Abuja, he spoke about the need to grow Nigeria’s livestock and dairy sector to create jobs, reduce poverty, and solve herder-farmer conflicts. He thanked Danish companies like Maersk and Grundfos for helping improve Nigeria’s food and transport systems and called for more investment in health, education, and jobs. First Lady Oluremi Tinubu asked for support in adding Islamic schools to the formal education system and welcomed Denmark’s help with school feeding. Queen Mary, visiting as a UNFPA ambassador, said Denmark wants to support Nigeria in areas like child health, clean energy, and women-run businesses.
