Akintunde Oyedokun
Research Analyst
Oil prices stabilized on Tuesday after recent losses, with Brent crude trading at $61.08 and WTI at $57.66 per barrel. The rebound followed easing fears of oversupply and trade tensions between the U.S. and China. However, a shift to a contango market structure and rising U.S. crude stockpiles indicate that supply remains ample while demand softens, keeping near-term price gains limited.
Canada Inflation Edges Up to 2.4% Amid Slower Gasoline Decline
Canada’s annual inflation rose to 2.4% in September, fueled by smaller drops in gasoline prices and higher food costs. Core measures of inflation remained steady, with CPI-median at 3.2% and CPI-trim at 3.1%.
The data comes ahead of the Bank of Canada’s next policy meeting, where further rate cuts are expected. Economists warn that despite moderate inflation, the economy remains weak and in need of support.
UK Borrowing Soars Ahead of Budget
Britain’s government borrowed £99.8 billion in the first half of the financial year, the highest since the COVID-19 peak, exceeding forecasts. September borrowing reached £20.2 billion due to rising debt interest and public spending, despite higher tax receipts. Finance Minister Rachel Reeves faces pressure ahead of her November 26 budget, with tax hikes and spending cuts expected to manage public finances amid slower growth and rising costs.
Senegal Raises Debt Service Forecasts Ahead of IMF Talks
Senegal has increased its debt repayment projections by $5.8 billion over the next three years due to previously undisclosed debt, prompting closer scrutiny from the IMF. Debt payments are now projected at 5.49 trillion CFA francs in 2026, rising sharply in 2027 and 2028. The revisions come ahead of IMF negotiations for a new lending program, with the country’s debt-to-GDP ratio at 132% at the end of 2024.
NNPCL Reports N4.27 Trillion Revenue in September 2025
The Nigerian National Petroleum Company Limited (NNPCL) has reported N4.27 trillion in revenue and N216 billion profit for September 2025, despite a slight dip in oil and gas output. Operational efficiency remained strong, with pipelines at 96% availability and fuel supply at 77%. Key gas projects, including the AKK and OB3 pipelines, continue progressing, supporting Nigeria’s gas infrastructure expansion.
Maintenance activities and phased recovery of assets caused the temporary production slowdown.
