
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).
On Monday, crude sagged because a relentless ascend in American drilling understated an OPEC-led push to tighten oil supply.
This day trading activity is going to be subdued because of public holidays in the United States, China and the United Kingdom.
Brent crude futures slumped 0.3%, hitting $52.00 per barrel.
American West Texas Intermediate crude futures declined 0.3% too, demonstrating $49.63 per barrel.
The previous week, the Organization of the Petroleum Exporting Countries along with some non-OPEC producers agreed to extend an initiative to cut output by approximately 1.8 million barrels per day, until the end of the first quarter of next year. However, the decision didn’t go as far as many traders had hoped and provoked a heavy sell-off.
Notwithstanding the ongoing dips, crude prices haven’t ascended much beyond $50 per barrel.
American drillers have already added rigs for up to 19 straight weeks, reaching 722, which is the highest amount since April 2015 as well as the longest run of additions on record, as energy services company Baker Hughes Inc informed.
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).
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.
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