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 stand still as OPEC claims market is currently rebalancing
On Tuesday, crude prices were intact because OPEC told that there were evident signs the market was rebalancing and American output was still offline due to Hurricane Nate.
American West Texas Intermediate crude futures hit $49.64 a barrel, soaring just 0.1% from their previous close.
As for Brent futures, they also gained no more than 0.1% trading at $55.85 a barrel.
Crude prices were backed because OPEC told crude markets were rapidly rebalancing after a long period
OPEC has made vigorous effort to reduce output in 2017 just to stop years of overproduction, which generated an enormous supply overhang.
Short-term crude price support was also received from America, where up to 85% of US Gulf of Mexico crude output or just 1.49 million barrels a day, turned to be offline because of Hurricane Nate. Crude companies evacuated employees from Gulf platforms and reduced output ahead of the natural disaster.
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 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.
About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.
Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!