International News 07 November 2025
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Oil Prices Slip as Oversupply Fears and Weak U.S. Demand Weigh on Market
Oil prices edged lower on Thursday (Nov 6, 2025) as investors weighed concerns over potential oversupply and weakening demand in the United States, the world’s largest oil consumer. Brent crude for January 2026 delivery fell 14 cents, or 0.22%, to close at US$63.38 per barrel, while West Texas Intermediate (WTI) for December delivery dropped 17 cents, or 0.29%, to US$59.43 per barrel. The decline marks the third consecutive monthly loss amid rising output from OPEC+ and non-OPEC producers, deepening fears of a global supply glut. Analysts pointed to subdued U.S. refinery activity and weak consumption indicators, such as lower travel and container shipping, as signs of soft demand. According to JPMorgan, global oil demand rose by only 850,000 barrels per day this year—below its previous forecast of 900,000 bpd. Meanwhile, U.S. crude inventories increased by 5.2 million barrels last week, further pressuring prices. Saudi Arabia also slashed crude prices for Asian buyers in December, citing ample supply. Capital Economics expects continued downside pressure, forecasting oil to end 2025 at around US$60 per barrel and fall to US$50 by late 2026, despite limited impact from recent sanctions on Russia’s Lukoil.
Philippine Economy Slows to 4.0% Growth in Q3 2025, Weakest Since 2021
The Philippine economy expanded 4.0% year-on-year in the third quarter of 2025, marking a slowdown from the 5.5% growth recorded in the previous quarter, according to official data released Friday (Nov 8). The figure fell short of economists’ forecasts in a Reuters poll, which projected 5.2% growth. This represents the country’s weakest pace of expansion since the first quarter of 2021, when the economy was still reeling from the effects of the pandemic. On a seasonally adjusted quarterly basis, GDP rose 0.4%, below the median estimate of 0.8%. The softer growth reflects persistent challenges such as elevated inflation, weaker external demand, and slower consumer spending, which have weighed on the Philippines’ post-pandemic recovery momentum.
U.S. Dollar Weakens as Labor Market Shows Signs of Cooling Amid Government Shutdown
The U.S. dollar fell in early Asian trading on Friday (Nov 8, 2025), with the dollar index slipping 0.5% to 99.674 as investors reacted to signs of a cooling labor market and the absence of official government data due to the ongoing partial shutdown. Market expectations for a Federal Reserve rate cut on December 10 strengthened after private-sector reports showed job losses in government and retail, alongside a surge in layoffs linked to AI-driven cost-cutting. According to Challenger data, U.S. layoffs rose sharply, signaling potential softening in the labor market, while Chicago Fed President Austan Goolsbee urged caution in policy decisions amid limited inflation data. CME Group’s FedWatch Tool indicated a 70% probability of a rate cut, up from 62% a day earlier. The dollar traded at ¥153.17 against the yen, while the Australian dollar held steady at US$0.6479 and the New Zealand dollar edged up 0.1% to US$0.5635. The offshore yuan remained stable at ¥7.1233 per dollar. Meanwhile, the pound hovered at US$1.3135 after the Bank of England narrowly voted to keep rates unchanged, and reports surfaced that the U.K. government plans a personal tax hike. The euro was little changed around US$1.1550, near its one-week high.