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?
The Federal Open Market Committee, a committee within the Federal Reserve, will reveal a detailed record of the central bank’s last meeting on July 6 at 21:00 MT.
The Reserve Bank of Australia will announce its cash rate and make a statement about future rate policy on Tuesday, July 5, at 07:30 MT.
The US Institute for Supply Management will release ISM manufacturing PMI on July 1, 17:00 GMT+3.