Akintunde Oyedokun
Research Analyst
Oil prices were little changed on Tuesday as investors monitored U.S.-Iran talks in Doha. Brent traded at $73.18 per barrel, while WTI stood at $70.45, with both benchmarks heading for their biggest monthly and quarterly losses since 2020.
Markets also awaited U.S. crude inventory data, with analysts expecting a 4.1 million-barrel drop in stockpiles last week.
Canada’s Economy Beats Forecast with Strong 0.5% GDP Growth in April
Canada’s economy expanded 0.5% in April, above the 0.4% forecast and reversing March’s 0.1% decline. The rebound was driven by gains in mining, construction, manufacturing and services, easing concerns over the impact of U.S. tariffs. An advance estimate points to 0.1% GDP growth in May, signalling continued economic resilience.
Germany’s Jobless Total Falls Unexpectedly in June
Germany’s unemployment unexpectedly fell by 1,000 in June, bringing the total number of unemployed to 2.984 million, while the jobless rate remained at 6.3%.
Economists said the labour market remains weak despite the modest improvement, although job vacancies increased to 648,000 from a year earlier.
Congo Signs Diamond Deal to Boost Local Processing, Curb Smuggling
The Democratic Republic of Congo and Switzerland’s ADEX Platform have formed a 50-50 joint venture to process and market diamonds locally. Congo’s diamond output fell from 13 million carats in 2021 to 8.1 million carats in 2025, with 85% of production from artisanal mining and SACIM producing just over 1 million carats last year.
Nigerian Govt Approves $2.76bn, €200m, N215bn For Infrastructure, Agriculture, MSMEs
The Federal Executive Council (FEC) approved $2.76 billion, €200 million and N215 billion for transportation, agriculture, infrastructure, renewable energy and MSMEs. The package includes $1.2 billion for the Sokoto–Badagry Super Highway, $900 million each for transport and agriculture, $160 million for rural solar projects, N215 billion for the CNG initiative, and €200 million plus $500 million to support MSMEs.
