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 soars in Asia as API estimates back
On Wednesday, crude leapt in Asia trade after industry estimates showed a positive picture on American crude as well as refined product figures.
November delivery crude futures grew 0.66% in New York being worth $50.23 a barrel. At the same time in London Brent futures acquired 0.47% hitting $55.40 a barrel.
At the end of the previous week US crude stocks jumped a less than expected 1.4 million barrels, as the American Petroleum Institute informed on Tuesday. Meanwhile, gasoline stocks went down 5.1 million barrels, while distillates sank 6.1 million barrels.
Financial experts actually hoped for a 2.925 million barrels build in oil and also a 2.025 million barrels sag in gasoline as well as a 1.175 million barrels dive in distillates.
Overnight, crude settled lower because data expected to demonstrate American crude stockpiles rallied for the third straight week compensated earlier upbeat mood that followed remarks from Iraqi oil minister Jabar al-Luaibi on a probable extension to the OPEC-led agreement to restrict crude output.
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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?
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Oil prices are in focus today
Saudi Arabia agreed to cut oil production. What will happen with the oil price now?
Nonfarm Payrolls is in Focus Today
The situation on the labor market still looks optimistic. Today we expect the Unemployment rate data. 3.5% is expected.
