The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).
Brent climbs up, hovering over 26-month maximum amid supply concerns
On Wednesday, Brent crude prices ascended just to sit not far off 26-month maximums reached in the previous trading session amid fresh threats from Turkey that it could reduce crude exports from Iraq's Kurdistan region.
November delivery crude futures added 0.4% being worth $58.65 a barrel. On Tuesday, it lost 1% having reached $59.49, its highest outcome since July 2015, surpassing a 2017 dip by 34%.
US November delivery grew 0.5% hitting $52.12, having dropped 0.7% after reaching a five-month maximum of $52.43 on Tuesday.
Crude prices have been underpinned by output curbs by OPEC as well as other key producers. However, American crude futures have lagged behind Brent amid worries that American production-surge could drive oversupply.
American crude supplies have been going up as imports and output revive in the aftermath of Hurricane Harvey.
On Wednesday, the US Energy Information Administration is expected to issue stocks data.
The Organization of Petroleum Exporting Countries will hold a meeting on June 2.
This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%.
In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.
It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.