Oil prices declined to around $66 per barrel as traders grew concerned about potential increases in OPEC+ production, which could exacerbate a supply surplus, according to price watchers and analysts.

Market sentiment was weighed down by expectations that the upcoming OPEC+ meeting, scheduled for Sunday, may result in additional output increases. This possibility comes amid a trend of rising inventories in the U.S., including a recent unanticipated build of 622,000 barrels—contrary to forecasts of a 2 million barrel draw .

Brent crude slipped to approximately $67.14 per barrel, and U.S. West Texas Intermediate (WTI) dropped to about $63.50, reflecting the mounting pressure on oil prices as the market braces for a shift toward oversupply .

A note from ANZ Research warned that any further increase in OPEC+ supply could deepen the already threatened surplus, especially during a demand-light season . HSBC analysts echoed the sentiment, suggesting that OPEC+ appears comfortable with oil prices trading in the $60–$65 per barrel range as part of a strategic move to reclaim market share.

President Bola Tinubu says the reforms implemented by his administration have restored Nigeria’s credibility abroad and curbed years of entrenched corruption.

Speaking on Tuesday at the State House while receiving the Soun of Ogbomosoland, Oba Ghandi Olaoye, and other traditional rulers, Tinubu said the country had regained global respect due to tough but necessary policy changes.

“Years of neglect, fake records, smuggling and other harmful practices denied Nigeria the revenue needed for development. The bleeding has stopped. The haemorrhage is gone. The patient is alive,” the president said.

Tinubu listed the removal of fuel subsidies and currency unification among reforms that he said were stabilising the economy and opening Nigeria to foreign investors. He added that the federal government would continue to focus on education, citing the Nigeria Education Loan Fund (NELFUND) as a tool to ensure no student drops out due to poverty.

The president insisted that the challenges facing the nation were not insurmountable, stressing that transparency and fiscal discipline would remain central to his government’s agenda.

Officials and foreign observers have in recent months echoed similar sentiments, with international rating agencies revising Nigeria’s outlook upwards and global institutions such as the World Bank commending the country’s policy direction.

A federal judge in Boston has ruled that the Trump administration must restore more than $2.6 billion in federally supported research funding to Harvard University, calling the cuts retaliatory and unconstitutional.

U.S. District Judge Allison Burroughs delivered the ruling on Wednesday, concluding that the administration’s decision violated Harvard’s First Amendment rights and was ideologically motivated. The court found that accusations of antisemitism were used as a pretext for the cuts, stating the university’s research had “little connection to discrimination against Jews.” The judge emphasized that while combating antisemitism is vital, it cannot serve as a justification for suppressing academic freedom.

The funding freeze—later escalated to complete termination—put hundreds of Harvard research projects at risk and formed part of a broader campaign that included threats to the university’s tax-exempt status and international student enrollment. Judge Burroughs’ ruling reverses all such funding actions since April 14, 2025, and bars future unconstitutional cuts.

Reactions and Next Steps

Despite the ruling, the immediate restoration of funds is uncertain, as the administration has already signaled plans to appeal. A White House spokesperson criticized the judge’s ruling, calling her an “activist Obama-appointed judge,” and reiterated that Harvard does not have a constitutional right to federal funds.

Harvard President Alan Garber welcomed the decision, describing it as a boost to academic freedom and affirming the university’s resolve to continue its mission despite the evolving legal landscape. Meanwhile, faculty expressed concern over lingering political attempts to disrupt research funding.

Credit: AP