Akintunde Oyedokun
Research Analyst
Oil prices surged nearly 3% to their highest in three months, driven by U.S. sanctions aimed at disrupting Russia’s oil production and exports. Brent crude settled at $79.76 per barrel, and WTI crude at $76.57, with both contracts briefly rising over 4%. The sanctions are expected to impact Russian oil shipments to India and China, pushing up global prices. Extreme cold weather in the U.S. and Europe further boosted demand for heating oil, with diesel futures climbing 5.1%. Analysts forecast a significant rise in global oil demand in early 2025, led by heating fuels.
Canada Adds 90,900 Jobs In December, Easing Pressure For Rate Cuts
Canada’s job market saw a sharp rise in December with 90,900 positions added, far exceeding the forecast of 25,000. Full-time jobs accounted for two-thirds of the growth, with increases spread across various sectors, Statistics Canada reported.
The unemployment rate fell to 6.7%, defying expectations of an increase, reducing the likelihood of a rate cut by the Bank of Canada later this month. However, 61% of economists still predict a 25-basis-point reduction.
Goods-producing sectors gained 22,500 jobs, led by manufacturing, while the services sector added 68,400 roles. Economic uncertainties persist due to U.S. tariff threats and elevated unemployment levels.
Ukraine Receives €3bn EU Loan Tranche Backed By Frozen Russian Assets
Ukraine has received €3 billion ($3.09 billion) as the first tranche of the European Union’s contribution to a $50 billion G7 loan package. The funds, supported by frozen Russian sovereign assets, aim to bolster Ukraine’s fight for freedom, European Commission President Ursula von der Leyen announced. Prime Minister Denys Shmyhal confirmed the transfer, facilitated through mechanisms like the EU’s Macro-Financial Assistance Loan and World Bank-administered funds.
MSF Halts Operations at Khartoum Hospital After Armed Attacks
MSF has suspended its activities at Bashair Hospital in southern Khartoum due to repeated attacks by armed fighters threatening staff and disrupting services. The hospital, located in RSF-held territory, treated over 25,000 people, including airstrike victims and malnourished children. Ongoing conflict in Sudan, which began in April 2023, has crippled healthcare, with 80% of hospitals in conflict zones shut down, leaving millions vulnerable to violence and starvation.
Nigeria, U.S. Sign Deal To Repatriate $52.88m Linked To Alison-Madueke
Nigeria and the U.S. have signed an agreement to return $52.88 million in assets forfeited by former Nigerian oil minister Diezani Alison-Madueke and her associates. The funds, linked to the Galactica assets, are part of a 2017 U.S. lawsuit aimed at recovering $144 million in bribe-related assets. The money will be used for rural electrification and renewable energy projects, with $50 million allocated to energy access and $2.88 million for counter-terrorism initiatives in Africa.