Akintunde Oyedokun
Research Analyst
Brent crude rose 1.34% to $100.58 a barrel, while WTI gained 0.72% to $91.17 on Wednesday.
Prices remained under pressure from improving Gulf supplies, with Saudi Arabia reopening its East-West pipeline and Iraq raising exports above 3 million barrels per day.
Meanwhile, US crude inventories increased by 1.8 million barrels last week.
China Central Bank Plans $149bn Daily Liquidity Injection
China’s central bank will inject up to 1 trillion yuan ($149 billion) daily through overnight reverse repos from September 28 to October 8 to meet banking liquidity needs ahead of the Golden Week holiday.
The People’s Bank of China said the move comes as liquidity demand typically rises before holidays. China’s stock and bond markets will close during the holiday period and resume on October 8.
US Business Activity Hits Five-Year High
US private-sector activity surged in September, with the S&P Global Composite PMI rising to 58.4, its highest since July 2021, from 56.0 in August.
New orders climbed to 58.2, while input prices rose to 66.4, the highest since October 2022, as supply-chain delays intensified.
S&P Global said the data pointed to economic growth of about 5% annualised, although rising demand and costs could add to inflationary pressure.
Ghana Central Bank to Rebuild FX Reserves
Ghana’s central bank will prioritise rebuilding FX reserves amid weaker external balances and a pause in GoldBod exports.
Gold reserves fell to 24.4 metric tons in June 2026 from 33 tons a year earlier, while Q2 economic growth slowed to 6.0% from 6.6%.
TotalEnergies, AMNI Approve $800m Ima Gas Project
TotalEnergies and AMNI International have approved $800 million to develop Nigeria’s Ima offshore gas field.
Production is expected in 2028 at 350 million cubic feet per day, supplying about one-third of the gas needed for Nigeria LNG’s Train 7 expansion.
