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 prices sink as doubts remain over OPEC supply drops
On Friday, crude prices dived, as the market looked for clues on how efficiently OPEC output cuts are working to withstand a global supply overhang.
Brent crude futures declined 0.19%, being worth $51.64 per barrel. Besides this, American West Texas Intermediate crude futures tumbled 0.06%, being worth $48.72 a barrel.
The previous week crude prices dipped steeply on worries that production drops by OPEC as well as non-OPEC members, including Russia, aren’t cutting a supply overhang as rapidly as expected in the face of increased American output.
If crude inventories remain high, the OPEC could extend its crude production cut deal, as the Saudi energy minister disclosed on Thursday.
Crude stockpiles went down by 237,000 barrels by March 10, thus beating analyst expectations for a soar of 3.7 million barrels.
The previous year OPEC along with non-OPEC members including Russia reached a landmark agreement to drop output by nearly 1.8 million barrels per day in the first half of 2017.
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?
Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%.
In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.
It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.