Akintunde Oyedokun
Research Analyst
Oil prices declined Friday as worries over slowing 2025 demand, especially in China, weighed on markets. Brent crude fell 0.43% to $72.57, while U.S. WTI dropped 0.26% to $69.12 per barrel.
China’s Sinopec predicts oil consumption will peak by 2027, while a stronger dollar and slower rate cut outlook further pressured prices. J.P. Morgan expects a supply surplus in 2025, and G7 nations consider stricter caps on Russian oil to limit supply manipulation.
Colombia’s Central Bank Cuts Rate To 9.50%, On Fiscal, Global Uncertainties
Colombia’s central bank lowered its benchmark interest rate by 25 basis points to 9.50%, a smaller cut than the 50 points expected by analysts, citing fiscal uncertainty and global monetary trends.
While five board members supported the modest cut, others proposed larger reductions. Inflation is projected to converge to the 3% target in 2025, but exchange rate pressures may slow progress.
The economy grew 1.6% through September, but fiscal challenges, including a rejected $2.7 billion reform, add to economic volatility. The central bank has reduced rates by 350 basis points since December 2023.
U.S. Consumer Spending Rises In November, Inflation Shows Signs Of Moderation
Consumer spending in the U.S. increased by 0.4% in November, driven by strong demand for goods and services, reinforcing the economy’s resilience. The Federal Reserve revised its 2025 rate cut projections. Inflation showed signs of easing, with core inflation rising at its slowest pace in six months, though it remains above the Fed’s 2% target. Despite concerns over potential policy changes, consumer spending is expected to contribute to robust GDP growth in the fourth quarter.
Morocco’s Inflation Up Slightly To 0.8% In November, Driven By Food Prices
Morocco’s annual inflation rate, measured by the consumer price index, increased to 0.8% in November from 0.7% in October, according to the national statistics agency. On a month-on-month basis, consumer prices dropped by 0.2% from October. Food prices, the key contributor to inflation, rose by 0.8% compared to the previous year, while non-food inflation saw a 0.7% rise. Core inflation, which excludes volatile items like food, climbed by 0.2% from the previous month and 2.6% year-on-year. The central bank anticipates inflation to average 1% this year, a sharp decrease from 6.1% in 2023.
FG To Begin Train Track Construction On Lagos-Calabar Highway In 2025
The Federal Government plans to start constructing train tracks on Section I of the Lagos-Calabar Coastal Highway in 2025, announced Works Minister David Umahi during a December 20, 2024, project inspection. The highway’s first phase in Lagos will feature improvements like solar-powered CCTV, security posts, and lay-bys. Section 1’s 20 kilometers are scheduled for completion by May 2025.
Umahi also confirmed plans to reduce lanes from 10 to 6 to cut costs. The 700-kilometer highway, spanning nine states, aims to enhance connectivity and economic growth along Nigeria’s coastline.
