<< Back             Poser >> Oil Sees Third Weekly Loss Amid Signs of Glut Oil prices managed small gains through last week, but notched its third straight week of losses as traders grew increasingly concerned about over-supply. West Texas Intermediate (WTI) traded at $57.54 per barrel, while Brent futures settled at $61.29 per barrel at their lowest level since May. WTI and Brent closed out the week down nearly 3 per cent. As of yesterday morning, WTI had fallen further to $57.11, while Nigeria’s benchmark, Brent, fell to $60.88. Among others, the back-and-forth tariff issue between the US and China and a recent deescalation of tensions in the Middle East have weighed on the energy markets over the past week. Any progress toward ending the war could unlock more Russian crude onto global markets, intensifying supply concerns. US crude stockpiles have also increased for a third straight week, also raising concerns about too much oil in the world market. The International Energy Agency (IEA) reinforced that view last week, trimming its demand forecast while raising its surplus expectations for 2026 as production from the Organisation of the Petroleum Exporting Countries (OPEC) and its allies increases. In the same vein, Wall Street has been warning of a supply glut going into 2026, while Goldman Sachs predicts Brent will fall to $56 per barrel and WTI will drop to $52 per barrel. Year to date, both Brent and WTI are down more than 18 per cent. Trump and Putin agreed last Thursday to another summit on the war in Ukraine, to be held in the next two weeks in Hungary. That comes on top of a cease-fire agreement ending, at least temporarily, the fighting in Gaza between Israel and Hamas. Thisday Business News	Oil Sees Third Weekly Loss Amid Signs of Glut Oil prices managed small gains through last week, but notched its third straight week of losses as traders grew increasingly concerned about over-supply. West Texas Intermediate (WTI) traded at Inflation will moderate to 17.83 per cent, analysts project Cowry Research has projected that Nigeria’s headline inflation will moderate to 17.83 per cent in October 2025, extending the downward trend observed in recent months.The post Inflation will moderate to 17.83 per cent, analysts project appeared first on The Guardian Nigeria News - Nigeria and World Naira slips by 1.37 per cent, faces fresh demand pressure The Nigerian naira came under renewed pressure in the foreign exchange (FX) market last week, weakening against the dollar as foreign exchange (FX) demand continues to outstrip supply, despite the Central Bank of Nigeria’s (CBN) interventions to stabilise the market.The post Naira slips by 1.37 per cent, faces fresh demand pressure appeared first on The Guardian Nigeria News - Nigeria and World NNPC Rakes In over N800bn from 30% Management Fee, Frontier Fund in Nine Months Emmanuel Addeh in Abuja The Nigerian National Petroleum Company Limited (NNPC) has reported a combined N801.3 billion from Management Fees and Frontier Exploration Funds within the first nine months The coming rare earths trade war Yusuf Bangura (Switzerland): Sierra Leone Telegraph: 17 October 2025: Very insightful piece! Trump and Biden foolishly thought the cards for global technological dominance were in US hands. They forgot that the US had long ceded to China control of the basic resources that power technological innovation in modern economies—rare earths. [Read AfDB approves $500 Million strategy to drive inclusive growth and economic resilience in Sierra Leone Sierra Leone Telegraph: 17 October 2025: The Board of Directors of the African Development Bank Group (AfDB) has approved a new Country Strategy Paper (CSP) for Sierra Leone for 2025–2030, committing approximately $500 million over the next five years to foster sustainable economic growth, strengthen resilience to fragility, and promote [Read