Akintunde Oyedokun
Research Analyst
Oil prices slipped on Wednesday as OPEC and the IEA lowered their 2026 demand forecasts, while rising U.S. crude inventories added pressure.
Brent fell 0.55% to $88.42 a barrel, while WTI dropped 0.3% to $82.95.
However, continued attacks on shipping in the Strait of Hormuz and Bab el-Mandeb kept supply disruption risks elevated.
India Inflation Hits 4.45% in July
India’s retail inflation rose to 4.45% in July, driven by higher food prices, but remained within the RBI’s 2%-6% tolerance band.
Food inflation climbed to 5.52% from 5.32% in June, while core inflation stood at 3.9%. The RBI is expected to keep rates unchanged in the near term, though rising prices could prompt a hike later this year.
U.S. Inflation Cools, Rate Hike Bets Fade
U.S. consumer prices rose just 0.1% in July, while annual inflation eased to 3.4% from 3.5% in June.
Falling gasoline prices helped contain inflation, weakening expectations of a Federal Reserve rate hike in September. Markets now see a 38% chance of a hike, although inflation remains above the Fed’s 2% target.
Zawiya Attack Disrupts Libya’s Power, Oil Operations
An attack on a Zawiya substation caused widespread power outages and forced GE to suspend work at the city’s power plant. More than 700MW of its 1,300MW capacity remains unavailable.
The attack followed drone strikes on fuel tanks at the nearby Zawiya oil complex, raising concerns over further disruptions to Libya’s energy sector
Nigeria Approves Offshore Oil Framework to Attract $50bn
President Bola Tinubu has approved a new fiscal and regulatory framework for offshore oil projects, targeting up to $50 billion in investment and the revival of delayed developments.
The rules-based system aims to provide investors with greater certainty and boost Nigeria’s competitiveness. It could support major projects such as Shell’s $10 billion Bonga South West development, while promoting local jobs and supply chains.
