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Oil prices climbed over 2% on Tuesday as tensions between Israel and Lebanon and expectations of extended OPEC+ supply cuts boosted the market. Brent crude rose $1.79 (2.5%) to $73.62, while WTI gained $1.84 (2.7%) to $69.94. OPEC+ is likely to extend cuts through Q1 2024, aiming to stabilize prices amid weak demand and rising U.S. crude inventories. U.S. Job Openings Grow in October, Layoffs Hit 1.5-Year Low U.S. job openings rose by 372,000 to 7.744 million in October, while layoffs dropped to their lowest level in over a year, indicating an orderly slowdown in the labor market. Despite more vacancies, hiring declined by 269,000, particularly in construction and manufacturing. The job openings-to-unemployed ratio increased to 1.11, still below pre-pandemic levels. With worker confidence rising, the Federal Reserve may consider another interest rate cut to combat inflation. UK Retail Sales Hit by Black Friday Shift and Low Consumer Confidence Retail sales in November dropped 3.3%, the sharpest decline since April, as Black Friday spending moved to December, the BRC reported. Non-food sales fell 2.1% over three months, while food sales rose 2.4%. Rising energy costs and low confidence continued to weigh on spending. Barclays noted a 3.1% drop in essential spending, the steepest in five years, with supermarket sales down 1.8%. Non-essential spending rose slightly, driven by cinema ticket purchases. Overall card spending declined 0.5%, the first dip since July. South Africa’s Economy Shrinks in Q3 Amid Agricultural Slump South Africa’s GDP contracted by 0.3% in Q3 2024, contrary to economists’ forecasts of 0.5% growth, largely due to a 28.8% decline in agriculture caused by a severe drought. While mining, manufacturing, and construction sectors grew, the agricultural slump drove overall negative growth. Analysts remain optimistic about a rebound in the coming quarters, with expectations of modest recovery despite the downturn. Nigeria’s Private Sector Sees Employment Decline Amid Inflation The November Stanbic IBTC PMI® report shows a slight drop in private sector employment, ending a six-month growth streak. The decline, mainly in the services sector, reflects rising costs and weak demand. While new orders grew modestly, high prices continued to limit demand, and output fell for the fifth straight month. Business confidence hit a record low due to ongoing inflationary pressures. The PMI rose to 49.6 from 46.9 in October, signaling continued contraction, although Nigeria’s non-oil GDP grew by 3.46% in Q3 2024, with Q4 growth forecast at 3.2%.
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Oil Prices Fall By A Further 2%, US Consumer Confidence Surges To 103.3

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Taiwo Adekeye, FMVA
Research Analyst
Oil prices dropped approximately 2% on Tuesday due to concerns that slower economic growth in the U.S. and China might decrease energy demand. Brent futures fell by 2.3% to settle at $79.55 per barrel, while U.S. West Texas Intermediate (WTI) crude decreased by 2.4% to $75.53. However, indications suggest that the Federal Reserve is likely to adopt a dovish stance at its September policy meeting, which could potentially boost economic growth and increase oil demand.
USconsumer confidence surges to 103.3
In August, U.S. consumer confidence reached its highest level in six months, driven by positive economic outlooks. However, concerns about the labor market increased as the unemployment rate surged to 4.3%, the highest in nearly three years. consumer confidence index increased to 103.3 this month, the highest level since February, from an upwardly revised 101.9 in July.A surging consumer confidence index signals a healthy economic outlook, with consumers feeling optimistic about their financial futures and contributing to broader economic activity.
Germany’s economy declines by 0.1%
The German economy shrank by 0.1% in the Q2 2024 after the slight increase in the previous quarter. However, the 0.1% contraction in gross domestic product included a 2.2% plunge in capital investment and a 0.2% drop in private consumption In the first quarter of 2024, German gross domestic product rose by 0.2% quarter on quarter.
Nigeria’s Q2 GDP Up by 3.19%
Nigeria’s Gross Domestic Product (GDP) experienced a year-on-year growth of 3.19% in real terms during the second quarter of 2024.This surge in Q2 2024 was primarily driven by the Services sector, which grew by 3.79% and contributed 58.76% to the total GDP. The agriculture sector saw a growth of 1.41%, slightly down from the 1.50% growth recorded in Q2 2023. However, The GDP growth rate surpasses the 2.51% recorded in the second quarter of 2023 and the 2.98% growth seen in the first quarter of 2024. In terms of GDP share, the industry and services sectors contributed more to the total GDP in the second quarter of 2024 compared to the same period in 2023.

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