Akintunde Oyedokun
Research Analyst
Oil prices advanced on Tuesday as Brent settled at $68.46 a barrel and U.S. WTI at $64.96, supported by supply concerns from the Russia-Ukraine conflict and expectations surrounding Sunday’s OPEC+ meeting.
The market remains buoyed by ongoing output cuts from major producers, while forecasts of a U.S. crude inventory draw and the end of the peak summer driving season also underpinned sentiment.
Canada’s Manufacturing Slump Eases In August Despite Ongoing Export Woes
Canada’s manufacturing sector shrank for a seventh straight month in August, though at a slower pace than earlier in the year. The S&P Global PMI rose to 48.3 from July’s 46.1, its strongest reading since January. Output, orders, and jobs continued to decline but at reduced rates, as concerns over U.S. tariffs slightly eased. Export demand remained weak, dragging growth, but domestic demand held steady, offering some support to the struggling sector.
U.S. Manufacturing Contracts For Sixth Month On Tariff Pressures
U.S. manufacturing shrank in August for the sixth straight month, with the ISM PMI at 48.7, still below the 50.0 growth mark. Tariffs weighed heavily on producers, stalling investment and hiring, while factory construction spending fell 6.7% year-on-year. Only a few industries, like textiles and metals, showed growth, while most reported continued weakness tied to trade policy uncertainty.
Congo Ex-Minister Jailed Over $19m Prison Funds
Former justice minister Constant Mutamba was sentenced to three years of forced labor for embezzling $19 million meant for a Kisangani prison. He also faces a five-year election ban after serving his term.
Mutamba resigned in June while denying the charges, but his arrest has triggered protests. Earlier this year, he backed legal action against ex-President Joseph Kabila over alleged M23 rebel ties.
UK Invests $7.5m To Boost Northern Nigeria’s Smallholder Farmers
The UK has committed $7.5 million through British International Investment (BII) to support agritech firm Babban Gona in improving productivity and climate resilience for smallholder farmers in Northern Nigeria. The initiative, expected to reach 140,000 farmers by 2029, will provide access to credit, inputs, training, and markets while tackling climate risks like floods and drought.
