By Akintunde Oyedokun
Research Analyst
Oil prices climbed Friday but pulled back after President Trump warned of sanctions on Russia over Ukraine. Brent settled at $70.36, up 1.3%, while WTI rose 1.02% to $67.04.
Prices briefly surged as Russia confirmed OPEC+ would increase April output but might later cut production. Brent and WTI ended the week down 3.8% and 3.9%, their steepest drops in months.
Markets stabilized after Fed Chair Powell addressed economic concerns, while the U.S. signaled plans to curb Iranian crude exports.
Canada’s Job Market Slows As Unemployment Holds At 6.6%
Canada’s unemployment rate remained at 6.6% in February, with only 1,100 jobs added—far below January’s 76,000 gain. The weak hiring data, attributed to uncertainty over U.S. tariffs, may impact the Bank of Canada’s rate decision on March 12. The Canadian dollar weakened, and bond yields fell following the report. Meanwhile, slowing population growth, declining labor force participation, and rising wages signal shifting labor market dynamics.
Job Gains Offer Relief, But Market Uncertainty Weighs on Wall Street
A better-than-expected U.S. jobs report eased fears of a sharp economic slowdown, but market uncertainty remains high due to trade policy risks and federal spending cuts. February payrolls rose by 151,000, slightly below forecasts, while unemployment edged up to 4.1%. Investors, still rattled by recent weak economic data and tariff concerns, see limited upside for stocks. Analysts warn that lingering policy unpredictability could dampen hiring and investment, keeping markets on edge.
South Africa’s Net Foreign Reserves Rise To $61.733bn In February
South Africa’s net foreign reserves increased to $61.733 billion by the end of February, up from $61.328 billion in January, according to data released by the central bank on Friday. Gross reserves grew to $66.264 billion in February, compared to $65.876 billion in January. The forward position, reflecting the central bank’s unsettled or swap transactions, edged up to $0.531 billion from $0.529bn.
Nigeria’s Q4 2024 Trade Sees Strong Growth, Imports Surge
Nigeria’s merchandise trade in Q4 2024 rose by 68.3% to N36.6 trillion, driven by an 83.2% increase in imports and a 57.7% rise in exports. Despite a drop in the trade surplus, crude oil exports continued to lead, while agricultural and manufactured goods also saw significant growth. Imports, primarily from China, surged across various sectors, including raw materials and manufactured goods. Maritime transport dominated, with Apapa Port handling the majority of shipments. Trade with Africa and ECOWAS remained steady.
