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Oil settles lower after Europe agrees to tap diesel reserves

Oil settled slightly lower on Friday, with Brent at $102.25/bbl (down 6 cents) and WTI at $91.11/bbl (down 1.90%). For the week, Brent was up 0.11% while WTI fell 1.6%.The dip came after EU countries agreed to release more diesel stockpiles at US President Trump’s request. He had earlier said he might ban US diesel exports, which would hit Europe hardest. France proposed that Europe release 50 million barrels of diesel and IEA members release 50 million barrels of crude, but G7 agreement on the volumes was not yet clear. ……REUTERS.COM

US manufacturing steady in September, input prices increase

US manufacturing was little changed in September. The ISM manufacturing PMI dipped to 54.5 from 54.6 in August, below the 55.0 economists expected. It has stayed above 50 all year, which means growth. Demand stayed strong. New orders rose to 55.3 from 53.7 and order backlogs also went up. The AI infrastructure buildout and companies rebuilding stock are supporting factories. ……REUTERS.COM

Nigeria’s composite PMI rises to 53.0 in September, marks fourth month of expansion – CBN

Nigeria’s composite PMI rose to 53.0 in September from 52.7 in August, the fourth straight month of growth. Industry, Services and Agriculture all expanded. Output was at 53.9, new orders at 53.7 and employment at 51.5. Raw material stocks were at 52.1 and supplier delivery times at 52.7, which means faster deliveries. Twenty-three subsectors grew, led by Educational Services, while nine shrank, with Chemical & Pharmaceutical Products falling the most. ……………NAIRAMETRICS

Below is the summary of our recommendations for the week. For a detailed review, kindly click the link to see our recommendations for 05102026.