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 keeps tumbling
On Wednesday, oil dived, extending its losses into a third session, following rumors that weekly supply data to be unveiled in the day by the US Energy Information Administration is going to demonstrate a jump in American crude as well as fuel supplies.
On Tuesday, the American Petroleum Institute informed that American crude inventories soared by almost 3.2 million barrels the previous week versus experts’ hopes for a more moderate soar of approximately 0.1 million barrels.
Additionally, the API report also disclosed a soar of 2.6 million barrels in gasoline stocks. Meanwhile, distillate stocks, including heating oil and motor diesel, went down by 4 million barrels.
American West Texas Intermediate crude futures lost 0.7% hitting $64.06 a barrel, which is its lowest outcome for a week.
Brent crude futures went down 0.6% reaching $68.10 a barrel having lost 1% yesterday.
Gasoline futures sank 0.2% being worth $1.851 a gallon, heating oil declined 0.4% reaching $2.059 a gallon.
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Russian Oil Got Banned from Market
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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.
