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 keeps to multi-month minimums on glut fears
On Wednesday, crude went down, sticking to multi-month minimums. It’s because market participants discounted evidence of firm compliance by OPEC as well as non-OPEC crude producers with a deal to diminish crude output worldwide.
Brent crude futures lost 0.2%, being worth $45.91 barrel, having dropped almost 2% during the previous trading session, thus demonstrating its lowest outcome since November.
August delivery US crude futures descended 0.2%, trading at $43.43, following a more than 2% sag to the lowest value since September on Tuesday.
Compliance with an agreement by the OPEC as well as other oil producers to minimize output by nearly 1.8 million barrels per day for six months from January hit its peak in May since mutual curbs were agreed the previous year.
According to Tuesday’s report by the American Petroleum Institute, American crude stockpiles had sagged more than forecast. The previous week American crude stocks went down, while gasoline along with distillate inventories tacked on.
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.