Akintunde Oyedokun
Research Analyst
Oil prices rose on Wednesday as stalled US-Iran talks and falling US fuel inventories supported the market.
Brent rose 1% to $103.71 a barrel, while WTI gained 2.2% to $91.98. Brent is on track for a 14% monthly gain.
OPEC+ is expected to maintain its November production targets at its upcoming meeting.
German Inflation Hits 3.3% on Energy Costs
German inflation rose to 3.3% in September from 2.9% in August, slightly above forecasts, driven by a sharp rise in energy prices linked to the Iran war.
Energy inflation jumped to 14.9%, while core inflation held at 2.4%.
The data comes ahead of Friday’s euro zone inflation report, with inflation expected to rise to 3.6%.
US Inflation Eases, Dimming October Rate Hike Bets
US inflation rose less than expected in August, easing pressure on the Federal Reserve to raise rates in October.
The PCE index rose 0.3% monthly and 3.4% annually, while core PCE increased 3.0% year-on-year. Consumer spending, however, jumped 0.9%, keeping further rate hikes on the table.
Zambia Seeks New IMF Deal to Boost Growth
Zambia is negotiating a new IMF support programme to boost investment, exports and private-sector growth.
The talks follow the expiry of its $1.7 billion IMF deal in January, with the government targeting a new agreement before year-end and average economic growth of 7% over the next three years.
Nigeria’s External Debt Rises $11.4bn Under Tinubu
Nigeria’s external debt climbed to $54.5 billion by June 2026 from $43.1 billion when President Bola Tinubu assumed office.
The increase was driven by World Bank loans, Eurobond issuances and syndicated financing. Domestic debt also rose to N91.59 trillion, pushing total public debt to N166.79 trillion from N159.35 trillion in March.
The Federal Government accounted for about N152.77 trillion of the total debt stock.
