The US Payrolls Bring New Hope for Gold
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 holds revenues as Iraq, US-Iran tensions drive risks
On Tuesday, oil stabilized, holding on to revenues made because fighting between Iraqi and Kurdish troops actually threatened supplies from northern Iraq. Meanwhile, political tension grew between Iran and the United States.
Brent crude futures LCOc1 gained 5 cents reaching $57.87 a barrel, earning nearly a third from its mid-year levels. As for American West Texas Intermediate crude futures CLc1, they stood still sticking $51.87.
On Monday, Iraqi troops managed to capture the Kurdish-held oil city of Kirkuk, in a response to a Kurdish independence referendum. Additionally, there were unconfirmed reports that Kurdish troops had shut approximately 350,000 barrels a of crude output from key fields.
Tension between Iran and the United States is going up, also lifting the global risk premium for crude.
On Friday, Donald Trump rejected certifying Iran's compliance over a nuclear deal, thus leaving Congress no more 60 days to work out further action against Iran.
Similar
The OPEC Meeting May Push Oil to $150
The Organization of Petroleum Exporting Countries will hold a meeting on June 2.
Russian Oil Got Banned from Market
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?
Latest news
Oil prices are in focus today
Saudi Arabia agreed to cut oil production. What will happen with the oil price now?
Nonfarm Payrolls is in Focus Today
The situation on the labor market still looks optimistic. Today we expect the Unemployment rate data. 3.5% is expected.
No More US Debts in Sight
The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.
