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).
Oil holds its revenues as OPEC and allies are set for Vienna meeting
On Thursday, oil held profits in Asia, with all eyes on Vienna, exactly where OPEC as well as allied producers are expected to extend a highly anticipated crude output cut pact by up to nine months.
June delivery crude futures tacked on 0.74% in New York, being worth $51.74 a barrel. In London, Brent futures soared 0.80%, trading at $54.39 a barrel.
Apparently, American shale appears to be a considerable threat to the OPEC deal, especially considering how the ascending output from America, has grasped market share from other OPEC participants.
On Thursday, at a gathering in Vienna OPEC’s supposed to extend an initial six-month crude output cut pact along with other crude producers led by Russia to March 2018.
Meanwhile, gasoline inventories edged down by 0.485 million versus hopes for a draw of 0.74 million barrels. As for distillate stockpiles, they went down by 0.485 million barrels, compared to hopes for a 0.74 million sag.
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
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.
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.
