By Akintunde Oyedokun
Research Analyst
Oil prices edged higher Thursday as traders reacted to tightening crude supplies and new U.S. tariffs. Brent crude settled at $74.03 per barrel, while WTI reached $69.92.
President Trump’s 25% tariffs on imported cars and Venezuelan crude raised trade concerns, leading India’s Reliance Industries to halt Venezuelan oil imports.
Meanwhile, U.S. crude stockpiles fell by 3.3 million barrels, exceeding expectations and signaling supply constraints.
UK Economy Faces Pressure As Trump’s Tariff Plan Sparks Concerns
Britain’s economy is at risk as U.S. President Donald Trump plans new tariffs, which could shrink UK GDP by up to 1%, according to the Office for Budget Responsibility (OBR).
Finance Minister Rachel Reeves has implemented spending cuts to stabilize public finances, but rising debt and slow growth leave little room for setbacks. A global trade war and higher interest rates could force a fiscal rethink.
With borrowing set to increase by £47.6 billion, experts warn of potential tax hikes and economic uncertainty in the months ahead.
U.S. Jobless Claims Dip As Labour Market Remains Steady
New U.S. unemployment claims fell by 1,000 to 224,000 last week, aligning with forecasts. Revised seasonal adjustments were introduced for 2025, while low layoffs continue to support the labor market despite slowed hiring. Federal job cuts under President Trump and Elon Musk’s Department of Government Efficiency (DOGE) have impacted Washington D.C.’s workforce. Continuing claims dropped by 25,000 to 1.856 million, with the unemployment rate expected to remain at 4.1% for March.
Namibia Sees Modest Growth Amid Economic Challenges
Namibia expects 4.5% growth in 2025 and 4.7% in 2026, up from last year’s 3.7%, but below previous targets due to weak mining revenues. Finance Minister Ericah Shafudah stressed the need for economic diversification amid continued struggles in the diamond sector.
The budget deficit is projected at 4.6% of GDP for the coming year, with a medium-term goal of 4.0%. The government also faces a $750 million Eurobond maturing in 2025, with plans to cover most of it from a sinking fund and refinance the rest domestically.
NNPCL Finalizing IPO Plans, No Set Date Yet
NNPC is in the final stages of preparing for its long-anticipated initial public offering (IPO), but has yet to announce a specific launch date. Chief Finance Officer Olugbenga Oluwaniyi stated that the company is currently collaborating with investor relations executives and investment banks to meet capital market regulations and the oil industry law, which mandates its listing. Despite a 2021 law requiring the IPO within six months, NNPC, now a fully commercial entity, has delayed the process. With joint ventures producing over half of Nigeria’s oil, the company must now seek funding independently, without state backing.
