Oil Prices Set for Biggest Weekly Drop Since COVID-19

Oil prices were heading for a sharp weekly decline as hopes of easing tensions in the Iran conflict raised expectations of increased Middle East supply. Brent crude rose 0.3% to $98.55 per barrel on Friday, while WTI gained 0.6% to $91.09.

Despite the recovery, Brent was set for a 16% weekly loss, while WTI was heading for a 13% decline. However, continued attacks on vessels in the Gulf and Strait of Hormuz remain a major threat to global oil supply.

Canada’s unemployment rate climbed to 6.7% in October, its highest in six months, from 6.5% in September, as the economy lost 4,700 jobs. Full-time employment fell by 18,100, while youth unemployment rose to 13.7%, reflecting continued labour market weakness.

US Job Growth Beats Forecast as Unemployment Falls to 4.1%

US employers added 165,000 jobs in October, exceeding expectations of 65,000, while the unemployment rate fell to 4.1% from 4.2% in September, signalling improved labour market conditions. The gains were supported by stronger hiring across healthcare, manufacturing and business services.

Zambia is projecting 4.9% economic growth in 2027 and plans to reduce its budget deficit to 3% of GDP from 5.9% in 2026. Copper production is expected to reach 930,000 tonnes in 2026, up from 890,000 tonnes in 2025. The government aims to boost mining output and strengthen public finances.

Customs Begins Evacuation of 98 Containers of Power Equipment Held for 14 Years

The Nigeria Customs Service has commenced the evacuation of 98 containers of power equipment that had remained trapped for 14 years. The move is expected to resolve the long-standing delay and facilitate the release of the equipment for use.