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 overleaps $65 for the 1st time since 2015
On Tuesday, Brent crude futures rallied above $65 a barrel for the first time since 2015 following the shutdown of the Forties North Sea pipeline, which knocked out considerable supply from a market, which was already tightening because of OPEC-led output cuts.
Brent crude futures hit $65.29 a barrel, soaring 0.9% from their previous close. It definitely marks the first time the benchmark has grown above $65 since June 2015.
American West Texas Intermediate crude futures reached $58.30 a barrel, gaining 0.5% from their previous settlement.
The UK’s Forties oil pipeline, which is the country's largest at a capacity of about 450,000 barrels a day faced an emergency shutdown after cracks were spotted.
The leap in Brent prices extended its premium to WTI prices to nearly $7 a barrel, jumping from approximately $5 the previous week and making American crude exports more attractive.
American output is currently not far off that of leading producers Saudi Arabia and Russia.
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?
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.