Akintunde Oyedokun
Research Analyst
Oil prices fell on Wednesday as increased Saudi crude shipments eased supply concerns, while weaker U.S. inventory data added pressure.
Brent fell 3.3% to $105.12 a barrel, while WTI dropped 3.9% to $101.72. U.S. crude stocks declined by only 640,000 barrels, below market expectations.
However, ongoing Middle East tensions and tight diesel supplies continue to support market risks.
Brazil Cuts Interest Rate to 13.75%
Brazil’s central bank cut its benchmark interest rate by 25 basis points to 13.75%, its fifth consecutive reduction, as economic activity slows.
The bank raised its inflation forecasts to 5.2% for 2026 and 3.9% for 2027, citing higher oil prices and rising inflation expectations. It kept its 2028 forecast at 3.2%, above the 3% target.
BoE Set To Hold Rates Amid Rising Energy Prices
The Bank of England is expected to keep rates at 3.75% on Thursday despite rising energy prices and renewed inflation concerns.
Brent crude and UK gas prices have jumped nearly 20% this month, raising the risk of higher inflation. Markets now expect a possible rate hike in November, while economists remain cautious amid a cooling labour market.
South Africa Retail Sales Accelerate 3.4% in July
South Africa’s retail sales increased 3.4% year on year in July, up sharply from a revised 1.1% growth in June, according to Statistics South Africa.
Seasonally adjusted sales also rose 2.5% month on month in July, pointing to stronger consumer spending during the month.
Nigeria’s Farm Produce Inflation Hits 21.99%
Nigeria’s farm produce inflation rose to 21.99% in August 2026, its highest level this year, from 19.82% in July, according to data by the country’s National Bureau of Statistics (NBS) data showed.
The increase reflects continued pressure from high production costs, insecurity and post-harvest losses, despite a broader moderation in headline inflation.
