Oil prices fell as weaker global demand forecasts and a sharp rise in U.S. crude inventories pressured the market. Brent dropped 2.47% to $86.78 a barrel, while WTI fell 2.81% to $80.93. Supply disruptions around the Strait of Hormuz and Russia offered some support.
Thailand Q2 Growth Expected To Slow
Thailand’s economy is expected to grow 1.7% in Q2, down from 2.8% in Q1, while GDP may contract 0.6% quarter-on-quarter, a Reuters poll showed.
Weak household spending, high debt, ageing demographics and softer tourism weighed on growth. Exports and private investment, especially in AI infrastructure, provided some support.
The economy is forecast to expand 2% in 2026.
UK Economy Beats Forecast In June
UK GDP rose 0.3% in June, beating expectations for no growth, supported by stronger services, World Cup activity and warm weather.
The economy grew 0.4% in Q2, down from 0.6% in Q1, with growth expected to slow further.
Higher energy costs and possible tax increases could add pressure to the outlook.
Uganda Keeps Interest Rate At 9.75%
Uganda’s central bank held its key rate at 9.75% for the eighth consecutive meeting, saying higher oil prices have not yet triggered broader inflationary pressure.
Inflation rose to 4.0% in July from 3.7% in June, while economic growth is projected at 7%-7.5% this fiscal year.
Nigeria’s Oil Output Falls 4% But Beats OPEC Quota
Nigeria’s crude oil output fell nearly 4% in July to 1.505 million barrels per day but remained above its 1.5mbpd OPEC quota for a third consecutive month.
The NUPRC attributed the decline mainly to operational problems at the Erha and Akpo fields.
SOURCE: investdata.com.ng
