By Akintunde Oyedokun

Research Analyst

Oil prices turned negative on Wednesday after Trump announced new tariffs on key trading partners, raising concerns about slower economic growth and weaker demand. Brent closed at $74.95 per barrel, while WTI settled at $71.71.

Despite exemptions for Canada and Mexico, fears of inflation and supply chain disruptions weighed on the market. Mexico reassured investors by ruling out retaliatory tariffs. Meanwhile, Trump tightened sanctions on Iran, warned of secondary tariffs on Russian oil, and Russia restricted exports from key ports, adding to market uncertainty.

U.S. Private Payrolls Grow More Than Expected, But Labour Market Faces Uncertainty

Private payrolls increased by 155,000 in March, surpassing expectations of 115,000, according to the ADP National Employment Report. February’s job growth was revised upward to 84,000. The service sector added 132,000 jobs, while goods-producing industries contributed 24,000.

Despite the gains, economists highlight concerns over economic uncertainty, including trade tariffs and reduced business confidence, which could dampen further job growth. The official employment report, due Friday, is expected to show moderate growth with the unemployment rate holding at 4.1%.

Turkey’s Manufacturing Sector Declines Further In March, PMI Drops To 47.3

Turkey’s manufacturing sector continued to shrink in March, with output and new orders weakening due to tough market conditions both locally and internationally. The PMI dropped to 47.3, the lowest since October, signaling ongoing contraction. New orders fell for the 21st consecutive month, and export orders dropped at their steepest rate since November 2022. Although inflation eased slightly and employment saw a modest decline, inventory levels stabilized, and supplier delivery times improved. Manufacturers remain cautiously optimistic about potential recovery, particularly in the construction sector.

Ghana’s Inflation Drops to 22.4% As Food Prices Ease

Ghana’s annual inflation fell for the third straight month to 22.4% in March, its lowest in four months, down from 23.1% in February, driven by a sharp drop in food inflation.

Despite the decline, central bank governor Johnson Asiama warned inflation remains above the 8% target. The central bank recently raised interest rates to 28% to tighten monetary policy.

Finance Minister Cassiel Ato Forson expects spending cuts to bring inflation down to 11.9% by year-end.

Nigeria Makes Largest OPEC Oil Production Cut Following Pipeline Blast

In March, Nigeria led OPEC with the biggest oil production cut, reducing output by 50,000 barrels per day to maintain its 1.5 million bpd quota. The cut came after a pipeline explosion at Trans-Niger, impacting crude exports.

OPEC’s overall output fell by 110,000 bpd, with Iraq cutting 40,000 bpd. Meanwhile, the UAE increased its production by 30,000 bpd, surpassing its quota.

OPEC+ plans to gradually restore production to stabilize global oil prices, while Nigeria struggles to meet its 2025 target of 2.06 million bpd.