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).
Crude sits close to half-year minimums
On Friday, crude prices kept to six-month minimums, held down by an everlasting supply overhang, persisting notwithstanding an OPEC-led effort to reduce output and also prop up crude markets.
Brent crude futures hit $46.97 a barrel, moderately higher than their previous settlement.
American West Texas Intermediate crude futures gained too, demonstrating $44.48 per barrel.
However, prices for both benchmarks have lost approximately 13% since late May, when producers led by the OPEC dared to extend a promise to reduce output by nearly 1.8 million barrels a day until the end of the first quarter of next year.
Soaring American crude output, especially from shale drillers, is actually contributing to the overall ineffectiveness of the OPEC-led drops.
Besides this, high exports as well as production from Russia are adding to the everlasting glut too.
Russia is supposed to export up to 61.2 million tons of crude via pipelines during the third quarter versus 60.5 million tons in the second quarter.
Similar
The OPEC Meeting May Push Oil to $150
The Organization of Petroleum Exporting Countries will hold a meeting on June 2.
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?
Latest news
No More US Debts in Sight
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.
Gold Rises as Central Banks Buy More
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.
US Evades Default This Time
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!
