# African Currencies Mostly Soft As Oil Posts Steepest Weekly Drop Since 2020

> Brent crude fell sharply during the week, settling at $98.32 a barrel on Friday as hopes of Middle East de-escalation weighed on prices. The South African rand and Botswana pula weakened slightly against the dollar, while Angola’s kwanza was steady and Nigeria’s naira was little changed.

- Date: 2026-11-07 · published 2026-11-08T00:11:24.668Z
- Category: macro · region Africa · magnitude medium
- Page: https://feedsoft.ai/events/86660-african-currencies-mostly-soft-as-oil-posts-steepest-weekly-drop-since-2020
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md)

## Why it matters

Lower oil prices can ease fuel and freight costs for agricultural supply chains, while softer local currencies can raise import costs for feed inputs. The net effect varies by market and currency exposure.

## Read by commodity

- BRENT: bearish ▼
- USDZAR: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2021-03-19 | [Oil prices post deepest weekly loss since October, yet banks remain bullish](https://feedsoft.ai/events/6204-oil-prices-post-deepest-weekly-loss-since-october-yet-banks-remain-bullish.md) | -1.8% | +5.9% |
| BRENT | 2022-11-18 | [Oil slides 2%, posts second weekly decline as supply fears recede \| Reuters](https://feedsoft.ai/events/38868-oil-slides-2-posts-second-weekly-decline-as-supply-fears-recede-reuters.md) | -5.4% | -9.5% |
| BRENT | 2024-09-06 | [Oil settles down 2%, big weekly drop after US jobs data](https://feedsoft.ai/events/12384-oil-settles-down-2-big-weekly-drop-after-us-jobs-data.md) | -0.9% | +5.5% |
| BRENT | 2024-05-03 | [Oil settles down on US jobs data, steepest weekly loss in 3 months \| Reuters](https://feedsoft.ai/events/7229-oil-settles-down-on-us-jobs-data-steepest-weekly-loss-in-3-months-reuters.md) | -0.8% | -4.4% |
| BRENT | 2020-02-26 | [Oil prices drop to lowest in more than a year as coronavirus spreads](https://feedsoft.ai/events/7110-oil-prices-drop-to-lowest-in-more-than-a-year-as-coronavirus-spreads.md) | -5.6% | -53.2% |

## Sources

- dmarketforces.com: https://dmarketforces.com/african-currencies-mostly-soft-as-oil-posts-steepest-weekly-drop-since-2020/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.