
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).
On Friday, crude prices ascended because both American crude output and inventories sagged, pointing to a tightening market.
Firm Chinese crude import data also underpinned oil, as market experts state.
With OPEC leading an output cut, market experts told that global crude markets were currently broadly balanced following years of oversupply.
American West Texas Intermediate crude futures hit $50.88 a barrel, rising 0.6% from their previous settlement.
American crude inventories went down 2.7 million barrels by October 6, hitting 462.22 million barrels, as the Energy Information Administration informed on Thursday.
Crude output slid 81,000 barrels a day reaching 9.48 million bpd.
Brent oil futures hit $56.51, soaring 0.5%.
Firm Chinese crude imports that averaged up to 8.5 million bpd between January and September, also underpinned oil prices, as financial experts stressed.
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).
The Organization of Petroleum Exporting Countries will hold a meeting on June 2.
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The situation on the labor market still looks optimistic. Today we expect the Unemployment rate data. 3.5% is expected.
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.
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