By Adedapo Adesanya

The oil market settled lower on Wednesday as investors weighed US economic growth and assessed the risk of supply disruptions from Venezuela and Russia.

Brent crude futures depleted by 14 cents or 0.2 per cent to close at $62.24 a barrel and the US West Texas Intermediate (WTI) crude futures declined by 3 cents or 0.05 per cent to $58.29 per barrel.

US data showed the world’s largest economy grew at its fastest pace in two years in the third quarter, fueled by robust consumer spending and a sharp rebound in exports.

The stronger-than-expected increase in gross domestic product last quarter, which was reported by the Commerce Department on Tuesday, showed gross domestic product (GDP) increased at a 4.3 per cent annualized rate last quarter, the fastest pace since the third quarter of 2023.

Still, Brent and WTI prices are on track to drop about 16 per cent and 18 per cent, respectively, this year, their steepest declines since 2020 when the COVID pandemic hit oil demand, as supply is expected to outpace demand next year.

On the supply side, disruptions to Venezuelan exports have been the most significant factor pushing up oil prices, while market analysts noted that Russian and Ukrainian attacks on each other’s energy infrastructure have also supported the market.

Recently, Ukraine launched a drone strike on a Russian shadow fleet vessel in the Mediterranean. The country has been attacking Russian oil refineries throughout 2024 and 2025, but has visibly widened its campaign in recent weeks, striking oil rigs in the Caspian Sea and claiming credit for sea-drone attacks on three tankers in the Black Sea.

Russian President Vladimir Putin, who ordered a full-scale invasion of Ukraine in February 2022, has threatened to sever Ukraine’s access to the Black Sea in response to the attacks on tankers, which he regards as piracy.

In Venezuela, loaded vessels are waiting for new directions from their owners after the US seized the supertanker Skipper earlier this month and targeted two additional vessels over the weekend.

Reuters reported that oil shipments from Kazakhstan via the Caspian Pipeline Consortium are set to drop by a third in December to the lowest since October 2024 after a Ukrainian drone attack damaged facilities at the main CPC export terminal.

The American Petroleum Institute (API) estimated that crude oil inventories in the US saw a build of 2.4 million barrels in the week ending December 19. Crude oil inventories shrank by 9.3 million barrels in the week prior. The US Energy Information Administration (EIA) is due to release official inventory data on Monday, later than usual due to the Christmas holiday.

By Modupe Gbadeyanka

The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.

In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.

A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.

To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”

“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.

It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”

“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.

“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.

“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.

“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.

By Adedapo Adesanya

Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.

The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.

Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.

Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.

Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.

The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.

By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.

In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.