Business News Today
Crude Oil Prices Slide After US – Venezuela Oil Deal Signed
Brent crude oil futures fell more than 1% to around $59.7 per barrel, extending losses from the previous session, after Venezuela and the US concluded a deal to export up to $2 billion worth of Venezuelan crude to the United States, U.S. President Donald Trump announced on Tuesday, a flagship negotiation that would divert oil from China while helping Venezuela avoid deeper oil production cuts.President Donald Trump said Venezuela would turn over between 30 and 50 million barrels of crude to the US. While the amount remains relatively small, markets fear that if Venezuelan oil flows into the US market sustainably, it could add supply to an already oversupplied market.
Traders also continued to assess the impact on future oil exports and the energy sector, as firms including Trafigura prepare talks with US officials on resuming Venezuelan crude purchases. Meanwhile, progress toward a US-Ukraine security agreement has raised the prospect of fewer curbs on Russian crude exports. Elsewhere, API data showed US crude oil inventories fell by 2.8 million barrels last week, contrasting with market expectations for a 1.2 million-barrel increase.
Consumer Electronics Show – Top Highlights and Reveals:
- Nvidia reveals its latest AI supercomputer called “Project Digits” – a tiny wireless computer about the size of a lunchbox that runs the entire Nvidia stack and is powered by Nvidia’s latest advanced AI chip called GB110 – the smallest processing chip they make.
- Lego launched its biggest brick update in decades—interactive “smart” bricks with embedded sensors, AI connectivity, and app integration for dynamic building, coding, and animated play experiences.
- LG and Samsung both introduced their new fully transparent televisions – LG’s Signature OLED T Transparent TV, a wireless, transparent OLED TV that blends into walls like artwork when off, with improved brightness and AI upscaling for stunning picture quality. and Samsung launched a micro LED transparent television
- In the Heath-tech sector – OMNIA was revealed. it is a 360° body-scanning health mirror that scans for heart, lung, sleep, body, and metabolic composition, with an AI assistant that decodes metrics & offers personalised insights
Platinum Market Corrects from Highs
Platinum futures climbed above $2,300 per ounce yesterday and again early this morning, near record highs after the US attack on Venezuela and the arrest of President Nicolas Maduro over the weekend heightened geopolitical risks and boosted demand for safe-haven metals. However prices have subsequently dropped by just over -7% as markets correct. Expectations of further US Federal Reserve rate cuts have also supported precious metals. Platinum has posted gains of around 140% in the last year, more than double gold’s annual increase of 67%, marking its strongest performance on record.
Supply constraints remain a key support, as major producing regions, particularly South Africa, continue to face underinvestment, operational disruptions, and rising costs, keeping the market in its third consecutive year of supply deficit. Industrial demand has also remained robust, driven by internal combustion and hybrid vehicles that rely on platinum catalysts, with momentum strengthening after the EU scaled back its proposed 2035 combustion-engine ban.
Breaking News Shorts:
- Morocco’s tourism sector hit record highs in 2025, when the country welcomed 19.8 million tourists, a 14 percent increase from the previous year, according to data from the tourism ministry. The surge was driven by new international air routes, stronger links to key travel markets, and efforts to promote new destinations and hotel investments across the country.
- Global Indices showed positive movement yesterday with the Dow up by 1% hitting a new record high, and the FTSE up by 1.18%. The KOSPI was up by 1.2%, and the S&P also hit a new record high – up 0.62% while the Dax also ended in positive territory. This morning, asian markets opened somewhat softer with China’s Hang Seng down almost -1% with the Nifty Fifty and NIKKEI both opening softer today.
- xAI, Elon Musk’s AI development company announced yesterday it raised $20 billion in a Series E funding round, exceeding their $15 billion target as it ramps up development of new AI models and computing infrastructure. Valor Equity Partners, StepStone Group, Fidelity Management & Research Company and Qatar Investment Authority participated in the round, xAI said.
- Gold futures fell to around $4,480 per ounce this morning, pausing its two-day surge, with investors taking profits and looking past geopolitical risks and focused on upcoming US economic data. Key releases include the December jobs report due Friday, which could provide further clues on the Federal Reserve’s monetary policy outlook. Gold has gained over 6% in the past month.
Markets by Numbers
Currency markets indicate the US dollar fairly flat today, with the Euro trading against the US dollar at 1.16923 while the Pound is trading at 1.35054 to the US dollar. The Yen is currently trading at 156.45 to the dollar. The rand (ZAR) is strengthening further and currently trading at around R16.36 to the dollar.
Commodities:
- Gold futures are currently down almost -1% this morning, and currently selling at around $4453.00 per ounce.
- Copper prices are trending -1.65% lower today, with prices currently around $5.9103 per pound
- Silver futures are correcting from highs on profit taking today, and currently down -1.4%, and trading around $78.600 per ounce.
- Platinum futures are plunging from highs this morning, down by over -7% already today, and currently trading at $2248.00, While Palladium prices are sliding from highs yesterday – down by over -5% this morning, and currently trading around $1761.50 per ounce.
- Brent crude oil prices are trending -1.3% lower today, and currently at $59.87 with WTI trading at $56.15
- Cocoa futures are trending -1.3% lower today, and currently trading around $5989.00 per ton.
- Coffee futures are currently trending flat at around $3.7213 per pound
Crypto Currencies:
- Bitcoin prices are trending -1.3% lower this morning, and trading at around $92524 per coin currently
- Ether prices are trending -1.49%lower today, and are currently trading around $3248.47
- $Trumpcoin are trending lower today, and currently trading around $5.482
(All prices quoted at approximately 07H50 Central African Time)
Africa News Briefs:
- The Israeli foreign minister Gideon Saar, visited Somaliland yesterday and announced that Israel would soon open an embassy in the region seeking independence. this was Saars first visit there since Israels contentious move to formally recognise the breakaway Somali territory as a sovereign state. This has been criticised by the African Union. Somalia said Tuesday that it “condemns in the strongest terms the unauthorised incursion” by Gideon Saar, describing his visit to Somaliland as “an unacceptable interference in the internal affairs” of Somalia.
- China’s top diplomat, Foreign Minister Wang Yi, begins his annual New Year tour of Africa today, with a focus on the strategically important eastern and South Eastern Africa region, as the world’s second largest economy moves to maintain its influence on the continent. Yi is set to visit Ethiopia, Somalia, Tanzania and Lesotho on the diplomatic trip.
