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).
OPEC+ confirms supply hikes, WTI rises
Information is not investment advice
What happened?
OPEC+ had a teleconference on Tuesday and confirmed a positive global demand outlook. That allowed the cartel to proceed with their plan to gradually increase the oil supply by 2mln barrels per day over the next three months.
What was the immediate result?
The market saw that as positive news and an indication of the global oil demand recovery. Eventually, the WTI oil price spiked above $63 per barrel.
What are the long-term consequences?
OPEC+ is interested in a stable oil market. Although the decision was made not without inner discord in the cartel, Saudi Arabia would unlikely proceed with the supply increase if there was no solid ground for that plan. Hence, global observers can take that as a confirmation that things are really going better on a global scale - at least, as far as oil is concerned.
Therefore, upside movement may gain momentum.
- For the short-term, $64.30 is the possible target for bulls.
- For the mid-term, $67.85 should be expected to get challenged.
- In the long-term, if the prospects don't change and OPEC+ stays positive over the course of the next few months, $70 may become a new strategic objective for the oil price.
Similar
The OPEC Meeting May Push Oil to $150
The Organization of Petroleum Exporting Countries will hold a meeting on June 2.
The First Oil Decision of 2022
Organization of the Petroleum Exporting Countries (OPEC) is scheduled to meet on January 4.
Popular
Will the CPI Crash the USD?
The most impactful releases of this week will fill the market with volatility and sharp movements.
Crypto Market Changes The Trend
Happy Tuesday, dear traders! Here’s what we follow:
The US Labor Market And Real Estate Market Are In Focus This Week
Labor Market and Real Estate Market data was published yesterday. Markets are slowing down, so the economy is in recession. Today the traders should pay attention to the Retail sales in Canada.
Choose your payment system
