Oil Up 2% As Middle East Conflict Rages, Supply Glitch In Libya

Taiwo  Adekeye, FMVA

January10, 2024

Oil prices climbed around 2% on Tuesday as the Middle East conflict and a disruption in Libyan supply reduced the significant losses of the previous day. Brent crude futures settled 1.9% higher to close at $77.59 a barrel, while U.S. West Texas Intermediate crude (WTI) ended 2.1% higher closing at $72.24

Mozambique: IMF authorizes disbursement of $60.7 million

The IMF executive board has completed the third review of Mozambique’s three-year loan program, giving room for an immediate disbursement of $60.7 million. The three-year arrangement should support economic recovery and policies to alleviate public debt and financing vulnerabilities, while creating space for public investments in human capital, climate adaptation and infrastructure.

South Africa: The Rand declines ahead of US inflation data

South Africa’s Rand slipped on Tuesday, as USD gained ahead of highly anticipated U.S. inflation due later this week. The Rand traded at 18.6600 against the dollar, 0.3% lower than its previous close.  Stocks on the Johannesburg Stock Exchange declined, with the blue-chip Top-40 index closing 0.6% lower. However, the South Africa’s benchmark 2030 government bond was stronger, with the yield down 11.5 basis points at 9.72%.

DR Congo: Court affirms and confirms President Tshisekedi’s re-election

The Constitutional Court of the Democratic Republic of the Congo ruled on Tuesday that President Felix Tshisekedi was the ultimate winner after rejecting two legal challenges to the preliminary results of a heated presidential election held last month. The verdict paves way for Tshisekedi to serve another five years as head of Africa’s second-largest country and the world’s top producer of cobalt and other prized industrial commodities.

Mexico: Headline inflation surges in December while core rate declines

The Latin nation headline inflation accelerated for the second month in a row in December, while its core rate declined. The country’s annual headline inflation hits 4.66% in December, up from 4.32% in the previous month. The rise in the headline rate was due to stronger non-core inflation. Mexico’s central bank, has maintained a slightly hawkish posture in its monetary policy as It intends to sustain its key interest rate at a record peak of 11.25% while it waits for inflation to go back to its 3% target.

 China: Exports rise for the first time in seven months.

China’s exports grew for the first time in seven months in November, indicating that manufacturers in the second-biggest economy in the world are drawing customers with low prices in an effort to recover from a protracted decline in demand. Exports grew 0.5% from a year earlier in November, compared with a 6.4% fall in October. Imports fell 0.6%, dashing forecasts for a 3.3% increase and swinging from a 3.0% jump last month. The International Monetary Fund in November upgraded its growth forecasts for 2023 and 2024 by 0.4% percentage points each, following a lower base. However, on Tuesday, Moody gave a downgrade warning on China’s A1 credit rating.

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