Akintunde Oyedokun
Research Analyst
Oil prices jumped more than 2% on Friday after Russia’s Novorossiisk port suspended crude exports due to a Ukrainian drone strike that hit an oil depot in the area, raising fresh concerns about global supply.
Brent crude gained $1.38 (2.19%) to close at $64.39 per barrel, while WTI rose $1.40 (2.39%) to $60.09. For the week, Brent added 1.2% and WTI edged up about 0.6%.
Russian officials said the attack damaged an oil depot, a vessel, and nearby apartments, injuring three crew members.
China’s Home Prices Record Sharpest Monthly Drop in a Year
China’s new home prices slid 0.5% in October, the fastest monthly fall in a year, with annual prices also down 2.2%. The decline during a peak sales period highlights weak demand and fragile confidence. Smaller cities saw the sharpest drop in sentiment, and resale prices fell across all major cities, signalling mounting pressure on the property market. Analysts warn that without stronger policy support, the sector could face further instability.
UK Labour Market Shows Early Signs of Stabilisation
Britain’s labour market showed signs of stabilisation in October, with temporary staff demand rising for the first time in over a year and permanent placements slowing their decline. Unemployment held at 5.0% in Q3, while starting salaries saw modest growth. Recruiters express cautious optimism ahead of Finance Minister Rachel Reeves’ November budget, though overall wage growth remains subdued.
Ghana Abolishes VAT to Spur Mining Investment
Ghana will remove the 15% VAT on mineral exploration to encourage investment and greenfield projects, Finance Minister Cassiel Ato Forson said. The reform aims to lower upfront costs, boost investor confidence, and reduce illegal mining. The announcement follows record small-scale gold exports in 2025, highlighting the positive impact of recent regulatory reforms. Industry groups praised the move, noting it strengthens Ghana’s competitiveness in Africa’s mining sector.
Nigeria and Morocco Strengthen Agricultural Partnership
Nigeria and Morocco have launched a renewed cooperation framework to boost livestock trade, agribusiness, and veterinary capacity. Nigeria will expand exports of animals and crops, while Morocco offers support in irrigation, animal genetics, and meat-processing standards. The partnership includes potential vaccine production collaborations and a Joint Technical Working Group to finalize a formal MoU by April 2026. Current trade is modest but could grow to $2.5 billion annually with reduced barriers.
