United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on October 8, 15:30 GMT+3.
WTI oil: rise and shine?
WTI oil price recently broke the resistance of $45 and came to trade below $47. It definitely gives an optimistic impression. If things stay as they are, it will likely come to $50 and above. What stands behind this upbeat performance?
OPEC+ has been having a number of difficult talks between the member countries to set the oil supply plans for the mid-term future. The process was “tiring” and “excruciating” as the Saudi Energy Minister commented, but the deal was finally reached. Output cuts will not be extended next year – instead, they will be eased. 500,000 barrels will be added to the daily oil production of the cartel. After that, in a month’s time, a new meeting will be held to decide on the coming month’s production plan, and the same will be happening each month.
So in the short-term, we have an emotional reaction of the oil market that liked to hear that OPEC+ considers current demand good enough to allow cut easing. In the long-term, however, the way the recent meetings have been going reveals an increasing disparity and disagreements between the cartel member countries. Will it lead to a split? It may. Time will tell.
What will happen? Crude oil inventories will be announced at 17:30 MT (GMT+3) on Wednesday, September 29…
What will happen? The Organization of the Petroleum Exporting Countries and 10 additional oil-exporting countries, including Russia, will hold a videoconference on July 1…
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).