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).
OPEC and allies won’t probably postpone decision on crude cut extension
OPEC along with non-OPEC oil producers are moving toward deciding at their November 30 gathering whether to extend a global agreement to tame crude supply further into next year or not, as two ministers revealed on Monday, it appears to be a quicker time frame than previously indicated.
The Organization of the Petroleum Exporting Countries, Russia as well as nine other oil producers, are reducing output by nearly 1.8 million barrels a day until March next year for the purpose of eradicating a glut. Moreover, they’re also considering extending the pact for longer.
The previous month Reuters informed citing OPEC sources, that oil producers were about to prolong the pact until the end of 2018, although the decision could be delayed until early 2018 depending on the market.
On Monday, United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui disclosed that he saw no need for the verdict to be postponed beyond the November 30 gathering in Vienna.
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?
Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%.
In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.
It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.