By Akintunde Oyedokun
Research Analyst
Oil prices stayed mostly the same on Tuesday. Brent crude was $64.67 and WTI was $61.33.
Investors are worried about how President Trump’s changing tariff policies will affect the global economy and oil demand. OPEC and the IEA lowered their demand forecasts. Big banks like UBS and HSBC also cut their oil price predictions, warning prices could drop to $40 if the trade war gets worse.
Trump’s comments about easing auto tariffs gave some support, but the market remains uncertain due to mixed signals and economic concerns.
Canadian Housing Market Slows Amid Trade Tensions and Economic Challenges
Canadian home sales and prices declined in March, with a 4.8% drop in sales from February, marking a 20% decrease from the November peak. Sales were also down 9.3% year-over-year, the lowest for March since 2009. The Home Price Index dropped by 1%, and the national average price fell 3.7%.
CREA linked the slowdown to trade uncertainty, particularly U.S. tariffs, and reduced its 2025 sales forecast, expecting little growth. Housing starts also fell by 3.3% in March, missing economists’ expectation.
U.S. Import Prices Drop in March Amid Energy Cost Decline, Inflation Slows
U.S. import prices unexpectedly fell by 0.1% in March, driven by lower energy costs, signaling a reduction in inflation before President Trump’s tariffs took effect. The decline follows tame consumer and producer prices, aligning with the Federal Reserve’s inflation target. Economists expect core PCE inflation to ease in March. Despite the drop, concerns over future inflation and economic growth persist due to trade tensions, with businesses anticipating deteriorating conditions and rising input costs.
B2Gold to Cut 300 Jobs In Namibia As Otjikoto Mine Scales Down
B2Gold plans to reduce its workforce by 300 employees at the Otjikoto mine in Namibia by 2025, following the depletion of open-pit reserves. The company will continue processing stockpiles until 2032, with underground operations running until 2027, contingent on successful exploration. Despite this, the mine posted a record 198,142 ounces of gold in 2024, contributing nearly a quarter of B2Gold’s total output. The company has already laid off 130 employees in 2024.
Nigeria to Build Strategic Oil Reserves Amid Efforts To End Fuel Shortages
Nigeria plans to set up a national strategic petroleum reserve this year to guard against global supply disruptions and enhance energy security, the petroleum regulator announced. The initiative, backed by law, aims to stabilize domestic fuel supply.
Though rich in crude oil, Nigeria frequently faces fuel scarcity. The government is banking on rising refining capacity, particularly from the 650,000 bpd Dangote Refinery, to reduce dependence on imports.
Existing reserves cover about 30 days, but the new stockpile will be much larger. Officials believe growing local refining could eventually eliminate the need for fuel imports altogether.
