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 sags after American crude hits near two-year maximum on pipeline shutdown
On Thursday, crude went down, with American crude drifting away from two-year maximums hit yesterday, although the shutdown of the Keystone pipeline as well as a drawdown in fuel inventories kept driving markets notwithstanding concerns over rising output.
American West Texas Intermediate crude futures hit $57.89 a barrel, sliding 0.2% from their previous settlement, although still close to 2015-maximums of $58.15 a barrel hit on Wednesday.
As for Brent crude futures, they reached $63.14 per barrel losing 0.3%.
Lower supplies into America from the north as well as firm exports from the south will probably back a further reduction in American inventories, as some financial experts state.
In the USA, crude inventories went down 1.9 million barrels by November 17, hitting 457.14 million barrels. Stocks have declined by 15% from their records in March, staying below the previous year’s readings.
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?
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.
Every week we expect many interesting events that can shake the market.