Akintunde Oyedokun
Research Analyst
Oil prices climbed 1% on Monday after President Trump announced a 25% tariff on countries buying Venezuelan oil. However, the U.S. extended Chevron’s exit deadline, easing supply concerns.
Brent crude reached $73 per barrel, while WTI hit $69.11. OPEC+ plans to increase output in May, and new U.S. sanctions targeted Iranian oil exports. Trump also urged the Fed to cut interest rates, while U.S. and Russian officials held talks on a Ukraine ceasefire.
Singapore’s Core Inflation Falls To 0.6%, Raising Policy Easing Prospects
Singapore’s core inflation dropped to 0.6% in February, the lowest in nearly four years and below the 0.7% forecast. Headline inflation remained at 0.9%. With the Monetary Authority of Singapore projecting core inflation between 1.0% and 2.0% for the year, the decline increases the possibility of a policy easing in April. The central bank had already loosened monetary policy in January for the first time since 2020.
Germany’s Private Sector Sees Strongest Growth In 10 Months
Germany’s private sector expanded at its fastest pace in 10 months in March, driven by a rebound in manufacturing output for the first time in nearly two years, according to an S&P Global survey.
The HCOB German flash composite PMI rose to 50.9 from 50.4 in February, signaling continued economic recovery. Manufacturing improved to 48.3, beating expectations, while services growth slowed. Inflationary pressures eased, with input costs rising at their slowest rate since October.
Morocco Extends Soft Wheat Import Subsidy Programme To December 2025
Morocco will continue its soft wheat import subsidy program until December 31, according to the state grains agency ONICL. The new subsidies will run from May 1 to December 31, with further details to follow. This extension, following a previous subsidy program that ended in April, indicates that the country’s drought-affected harvest will not meet domestic demand. Morocco has been heavily importing wheat for the past two years due to poor crops, with 2024 wheat production down by 43%. The country has become a key wheat export destination for the EU and Russia.
FAO Launches 18,000-Hectare Land Restoration Project For Sustainable Cocoa, Palm Oil In Nigeria
The FAO is set to restore 18,000 hectares of degraded land in Cross River and Ondo states to promote sustainable cocoa and oil palm cultivation, aiming to attract $200 million in investments. The project will rehabilitate land using regenerative practices and develop frameworks for integrated landscape management, land-use planning, and gender-sensitive policies. Supported by the Global Environment Facility, it will empower smallholder farmers and address environmental challenges, ensuring long-term sustainability.
