Akintunde Oyedokun
Research Analyst
Oil prices fell sharply on Friday, with Brent settling at $74.43 per barrel (-2.68%) and WTI at $70.40 (-2.87%), marking a weekly decline.
Easing Middle East tensions, rising U.S. crude stockpiles, and concerns over a new bat coronavirus in China pressured prices. However, a Ukrainian drone strike on Russian oil infrastructure and speculation about OPEC+ extending production cuts provided some support.
Traders remain focused on potential supply disruptions and evolving geopolitical developments.
Japan’s Inflation Hits 19-Month High, Fueling Rate Hike Expectations
Japan’s core consumer inflation surged to 3.2% in January, the fastest in 19 months, surpassing market expectations. The Bank of Japan (BOJ) is likely to continue raising interest rates, as inflation remains above its 2% target. Bond yields climbed, reflecting concerns that the BOJ may take a more aggressive stance. A key inflation index, excluding fresh food and fuel, rose 2.5%, its highest since March 2024. Rising food and energy prices continue to strain households, while policymakers monitor wage growth as a key factor in future rate decisions.
Germany’s Private Sector Grows Slightly in February
Germany’s private sector saw modest growth in February, driven by steady services and a reduced manufacturing slump, according to the HCOB flash PMI. The index rose to 51.0 from 50.5 in January, a nine-month high. While the services sector remained resilient at 52.2, manufacturing improved to 46.1 but stayed in contraction. Economist Cyrus de la Rubia noted signs of recovery despite lingering economic concerns. Business optimism softened due to geopolitical and tariff uncertainties.
Burundi Faces Humanitarian Crisis as Thousands Flee Escalating Conflict in DRC
Burundi is facing a severe humanitarian crisis as over 40,000 people have fled to the country in just two weeks due to escalating violence in eastern Democratic Republic of Congo (DRC). The M23 rebellion has led to the largest refugee influx into Burundi in years, overwhelming local areas. Many of the displaced, including injured and sick individuals, arrived through makeshift routes. The UNHCR is working to relocate refugees to safer areas and has launched a $40.4 million emergency appeal to assist up to 258,000 refugees in the region.
NMDPRA Reports Show Local Refineries Account For Less Than Half Of PMS Demand
The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) reported that since January 2025, local refineries have supplied less than 50% of Nigeria’s daily Premium Motor Spirit (PMS) needs. With daily consumption at 50 million liters, the shortfall is covered through imports. Executive Director Ogbugo Ukoha highlighted that imports helped prevent shortages during the festive season. NMDPRA is committed to supporting local refineries and ensuring high-quality fuel, while also granting import licenses to oil marketers to address the supply gap.
