Akintunde Oyedokun
Research Analyst
Crude prices fell Friday as markets braced for softer U.S. demand and higher OPEC+ supply. Brent for October expired at $68.12 a barrel, while November closed at $67.45. WTI ended at $64.01. Analysts noted the end of the U.S. summer driving season and upcoming OPEC+ output hikes could pressure prices, though tighter inventories hint at steady consumption. Earlier gains from Ukraine-Russia tensions faded amid ceasefire talk, while U.S. tariff moves against India added to market uncertainty.
German Inflation Surprises at 2.1%, Easing Rate-Cut Expectations
Inflation in Germany climbed to 2.1% in August, above the 2.0% forecast and up from 1.8% in July, ending recent signs of cooling. Core inflation held steady at 2.7%, while services inflation remained at 3.1% and goods inflation rose to 1.3%. The data suggests the European Central Bank will keep rates unchanged at 2% in September, with possible policy adjustments deferred to later in the year.
Canada’s GDP Falls Sharply, Heightening Rate Cut Pressure
Canada’s economy contracted by 1.6% in Q2, its first decline in seven quarters, as U.S. tariffs weighed on exports. June GDP slipped 0.1%, extending a three-month downturn, while annualized growth for the first half of the year slowed to 0.4%.
The weak figures lifted expectations for a Bank of Canada rate cut in September, with markets now pricing nearly a 50% chance. A flash estimate showed July output up 0.1%, but economists warn Q3 growth could remain flat.
Kenya’s Inflation Rises To 4.5% In August On Higher Food, Transport Costs
Kenya’s annual inflation climbed to 4.5% in August, up from 4.1% in July, fueled mainly by increases in food and transport prices, according to the Kenya National Bureau of Statistics. On a monthly basis, inflation edged up to 0.3% from 0.1% in the previous month. The rate remains comfortably within the central bank’s medium-term target range of 2.5% to 7.5%. Earlier in August, the Central Bank of Kenya lowered its benchmark interest rate by 25 basis points to 9.50%, citing scope for further monetary easing as inflation stays under control.
Nigeria Cuts Gas Flaring To 7.16% As Production Peaks
Nigeria achieved a key milestone in July 2025, lowering gas flaring to 7.16% while boosting daily production to 7.59 billion standard cubic feet per day (BSCFD), data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) shows.
Output rose nearly 9% from 2024 levels, yet flaring declined further from 7.55% last year, reinforcing the push toward ending routine flaring by 2030. Gas-to-Power supply climbed to 862.86 million standard cubic feet per day, the highest in three months, while Domestic Gas Delivery Obligation performance improved to 72.5%.
