
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, as surging American drilling activity as well as steady supplies from OPEC countries notwithstanding touted output cuts pressured already-bloated markets.
Brent crude futures were dropped 0.56%, trading at $51.47 per barrel.
American West Texas Intermediate crude futures tumbled 0.78%, hitting $48.40 a barrel.
Market participants told that crude prices came under pressure from ascending American drilling as well as ongoing high supplies by the OPEC notwithstanding its pledge to reduce output by nearly 1.8 million barrels per day together with some other crude producers, such as Russia.
American drillers added 14 oil rigs by March 17, thus bringing the total count up to 631, which is the most impressive outcome since September 2015, as energy services firm Baker Hughes Inc informed on Friday.
Therefore, US crude output has ascended to over 9.1 million bpd from 8.5 million bpd in June the previous year.
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?
The US Institute for Supply Management will release ISM manufacturing PMI on July 1, 17:00 GMT+3.
The United States Bureau of Economic Analysis will release monthly Personal Consumption Expenditures (PCE) on June 30, 15:30 GMT+3.
The governor of the Bank of England, Andrew Bailey, will hold a speech on June 29 at 15:30 MT time (GMT+3).
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