Crude prices are firm, braced for greatest weekly revenue since mid-May

Crude prices are firm, braced for greatest weekly revenue since mid-May

On Friday, oil futures found themselves on track for their greatest weekly revenue since mid-May, concluding five weeks of losses with prices backed by a dip in American output.

This week American crude futures gained 5.1% percent, while benchmark Brent futures earned 4.7%, thus demonstrating the greatest leap for both markets since May 19.

Crude prices gained momentum from Wednesday's American data and the crude market rejected the recently observed minimums.

Data indicating a dip in American output powered financial markets this week after oil prices reached a 10-month minimum the previous week in the face of a mounting supply glut.

American crude output went down 100,000 barrels per day, hitting 9.3 million bpd the previous week, which is the steepest weekly decline since July 2016.

At the same time, the North Sea crude market is demonstrating signs of long-lost strength. It drops a hint that some of the pessimism, which has driven down crude futures and generated a record bet versus a price soar might be unjustified.


The US Payrolls Bring New Hope for Gold
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).

Russian Oil Got Banned from Market
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?

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Market Crash Incoming?
Market Crash Incoming?

This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.

What Currency Will Overperform?
What Currency Will Overperform?

S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.

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