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 struggles ahead of American supply update
On Wednesday, crude prices decreased in European trade because market participants looked ahead to weekly data from America on stockpiles of crude as well as refined products later in the global day.
August delivery West Texas Intermediate crude futures hit $43.91 a barrel, sliding 0.7%.
September delivery Brent crude futures lost 0.5%, being worth $46.69 a barrel, having hit a more than one-week peak of $47.30 in the previous session.
On Wednesday, crude prices posted decent revenues, with the commodity logging its fourth lucky session in a row.
The American Energy Information Administration is about to issue its official weekly crude supplies report soon.
The surge in American drilling activity as well as shale output has mostly compensated efforts by OPEC and also other producers to tame output in a move to stabilize the market.
The previous month OPEC along with some non-OPEC producers extended a deal to reduce 1.8 million barrels per day until March 2018.
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 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.
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.