Oil Steady But Records Worst Weekly Loss Since June On Tariffs, Rising Output

Akintunde Oyedokun

Research Analyst

Crude prices were flat on Friday, with Brent at $66.59 and WTI at $63.88, but both marked their biggest weekly losses since late June—down 4.4% and 5.1%. The drop came as OPEC+ agreed to boost September supply by 547,000 bpd and U.S. President Donald Trump imposed sweeping tariffs, heightening demand concerns.

Talks of a potential Trump–Putin meeting on Ukraine lifted hopes for eased sanctions on Russian oil, but a stronger dollar, higher U.S. rig counts, and reduced speculative positions deepened the bearish sentiment.

Canadian Job Market Slumps with 40,800 Losses In July

]Canada lost 40,800 jobs in July, reversing June’s strong gains and pushing the employment rate to an eight-month low of 60.7%. Unemployment stayed at 6.9%, but youth joblessness climbed to 14.6%, the highest since 2010 outside pandemic years. Manufacturing, construction, and the information sector saw the steepest declines, partly due to U.S. tariffs on steel, aluminum, and autos. Analysts warn of further layoffs ahead and see rising chances of a Bank of Canada rate cut in September.

Japan’s Household Spending Slows Sharply In June As Inflation Outpaces Wages

Japan’s household spending grew just 1.3% year-on-year in June, well below the 2.6% forecast and May’s 4.7% rise, as higher food prices—particularly a 12.1% plunge in rice purchases—curbed demand. Seasonally adjusted spending fell 5.2% month-on-month, the steepest drop since January 2021. Despite record wage hikes of 5.25% this year, real wages fell for the sixth month as inflation eroded earnings, raising concerns over consumption-led recovery. The government has cut its growth forecast, citing U.S. tariffs and persistent inflation.

AfDB to Lead $7.8bn Fundraising For Ethiopia’s Record-Breaking Airport

The African Development Bank will spearhead efforts to raise $7.8 billion for Ethiopia’s new $10 billion airport, set to be Africa’s largest with a 100 million passenger capacity upon completion in 2029. Ethiopian Airlines will fund 20% of the project, with the remainder from creditors. The four-runway facility, to be built near Bishoftu, will replace the soon-to-be saturated Bole International Airport. A formal signing with AfDB President and Prime Minister Abiy Ahmed is scheduled for Monday.

FG Secures $1bn to Accelerate Health Sector Reforms

The Federal Government has obtained over $1 billion from partners including WHO, USAID, the World Bank, and Gavi to speed up reforms in Nigeria’s health sector, Minister of State for Health Dr. Iziaq Salako said.

The funds will support governance reforms, infrastructure upgrades, renewable energy in hospitals, workforce expansion, pharmaceutical incentives, universal health coverage, and a digital health system. Salako described the reforms as transformational and called for broad stakeholder collaboration.