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).
Crude declines moderately in Asia
On Monday, oil gave up slight early revenues in Asia with China shut for a public holiday and traders shrugging off news at the weekend on positive output cuts by Russia as well as Iraq’s pledge to step-up compliance.
May delivery US West Texas Intermediate crude futures lost 0.14%, hitting $50.53 a barrel in New York. In London, June delivery Brent crude futures dipped 0.24%, hitting $53.40 a barrel.
The previous week, crude futures settled higher for the fourth session in a row, extending a soar to the strongest value in more than three weeks amid optimism that OPEC is going to extend its output-cut deal beyond June.
Sentiment in the crude market improved this week in wake of extremely supportive rhetoric from a number of OPEC nations, who want to extend output cuts into the second half of this year.
Last year in November, OPEC agreed to curb its output by approximately 1.2 million bpd between January and June, while Russia along with 10 other non-OPEC producers have decided to jointly reduce by an additional 600,000 bpd.
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?
The US Institute for Supply Management will release ISM manufacturing PMI on July 1, 17:00 GMT+3.
The United States Bureau of Economic Analysis will release monthly Personal Consumption Expenditures (PCE) on June 30, 15:30 GMT+3.
The governor of the Bank of England, Andrew Bailey, will hold a speech on June 29 at 15:30 MT time (GMT+3).