Akintunde Oyedokun
Research Analyst
Oil prices dropped as discussions between the U.S. and Russia raised the possibility of easing sanctions on Russian fuel exports. Despite a ceasefire agreement, analysts anticipate a slow recovery in Russian oil supply. Brent crude settled at $70.56, while WTI closed at $66.90.
Market uncertainty was further driven by concerns over trade policies, OPEC+ production increases, and geopolitical tensions, adding pressure to oil prices and future demand outlooks.
Canada’s Inflation Rises To 2.6%, Raising Interest Rate Concerns
Canada’s inflation jumped to 2.6% in February, the highest in eight months, driven by the end of a sales tax break and rising prices. Without the tax break, inflation would have hit 3%.
The increase has raised doubts about further interest rate cuts, with markets now expecting a pause. The Canadian dollar strengthened, and bond yields rose as economists warned that U.S. tariffs could push prices even higher.
U.S. Import Prices Surprise With February Increase, Fueling Inflation Concerns
U.S. import prices rose by 0.4% in February, matching January’s revised gain, driven by higher costs for consumer goods. Economists had predicted a 0.1% decrease. Over the past year, import prices increased 2.0%, up from 1.8% in January.
Excluding food and fuel, core import prices rose 0.4%. Imported fuel prices surged 1.7%, while capital goods prices fell 0.2%. The rise in import costs adds to inflation pressures as the Federal Reserve evaluates its policy stance.
Ivory Coast’s Cocoa Mid-Crop to Drop 40% Due To Prolonged Drought
Ivory Coast’s cocoa mid-crop output is expected to fall by about 40% this season due to an extended dry spell and irregular rainfall, exporters and pod counters report. Farmers anticipate a harvest of 280,000–300,000 metric tons, down from last season’s 500,000 tons. The drought, lasting since November, has delayed pod development, pushing the main harvest window to June. Experts warn of significant delays in bean arrivals at ports, with farms currently showing minimal yields.
Tinubu Declares Emergency Rule In Rivers State, Suspends Gov, Deputy, Lawmakers
President Bola Tinubu has declared a state of emergency in Rivers State, suspending the governor, deputy governor, and lawmakers due to escalating security concerns and political instability. He cited recent reports of pipeline vandalism by militants without government intervention, emphasizing the need for urgent federal action. A retired vice admiral has been appointed as caretaker for six months to restore order, while the National Assembly reviews the decision.
Despite the suspension of the executive and legislative arms, Tinubu clarified that the judiciary would continue functioning as mandated by the constitution.
