By Akintunde Oyedokun
Research Analyst
Oil prices rose 2% on Wednesday as U.S. crude and fuel inventories declined more than expected, signaling stronger demand. Brent crude settled at $70.95 per barrel, while WTI climbed to $67.68. A weaker U.S. dollar and shifting supply expectations further supported prices.
However, market concerns over tariffs, inflation, and a potential U.S. economic slowdown added uncertainty, limiting further gains. OPEC maintained its outlook for steady global oil demand growth in 2025.
Bank of Canada Set to Cut Rates Amid Tariff Uncertainty
The Bank of Canada is expected to cut its benchmark rate by 25 basis points to 2.75% on Wednesday, marking its seventh consecutive reduction. Economists cite economic uncertainty from shifting U.S. tariff policies as the key reason, with markets pricing in a 95% chance of the move.
Despite a strong 2.6% GDP growth in Q4, prolonged tariff effects could slow investment and spending, potentially forcing further policy adjustments.
U.S. Inflation Slows, but Trade War Fuels Uncertainty
U.S. consumer prices edged up 0.2% in February, the smallest gain since October, as declining airline fares and gasoline prices offset rising shelter costs. However, new tariffs from the Trump administration could drive future inflation higher.
Egg prices surged 10.4% amid an avian flu outbreak, while overall CPI rose 2.8% year-over-year, down from 3% in January. With economic risks mounting, markets anticipate the Federal Reserve may cut rates again by June.
Libya Resumes Oil Production At Mabruk After 10-Year Shutdown
Libya’s Mabruk Oil Operations has restarted production at the Mabruk oilfield after a decade-long closure, the Tripoli-based Government of National Unity (GNU) announced. Production resumed Sunday at 5,000 barrels per day (bpd), with plans to reach 7,000 bpd by March-end and 25,000 bpd by July. The field, shut since 2015 after a militant attack, marks a key step in Libya’s efforts to stabilize its oil sector and economy.
FG to Launch Digital Platform Linking Artisans With Construction Jobs
The Federal Government is launching a digital platform, “Uber for Artisans,” to connect skilled workers with construction job opportunities, boosting artisans’ visibility and earnings. This is part of the National Artisan Skill Acquisition Program (NASA), which will train and certify young Nigerians in construction trades. Vocational training centers in Abuja, Lagos, and Imo states will also be established to support skill development and address the sector’s skills gap.
