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).
Oil declines on soaring American fuel stocks
On Wednesday, crude dived because refined product inventories in America rallied in what the market interpreted as a true indication of lackluster demand.
American West Texas Intermediate crude futures hit $57.37 a barrel, sinking 0.4% from their previous settlement.
As for Brent crude futures, they lost 0.4% reaching $62.62 a barrel.
Market participants told that the lower prices emerged after a report by the American Petroleum Institute had pointed to a 9.2 million barrel leap in gasoline stocks by December 1 as well as a soar of 4.3 million barrels in inventories of distillates, including heating and diesel oil.
The very perception that the higher fuel stocks hinted at weak demand overshadowed the fact that crude inventories inched down by 5.5 million barrels reaching 451.8 million.
Robust global demand along with tight supplies might bring Brent crude to $70 a barrel by mid-2018, as some financial experts foresee.
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?
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.