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Oil prices launched new week’s trading with a bullish price gap following OPEC+ meeting

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Monday News
  • Oil prices launched new week’s trading with a bullish price gap following OPEC+ meeting
  • OPEC+ agreed to extend extend current output cuts through 2024, while previous agreement assumed they would last until the end of 2023
  • On top of that, Saudi Arabia will make a voluntarily 1 million barrel output cut in July. This cut is for one month only but Saudi energy minister already said it could be extended
  • Oil opened with around 1.5% bullish price gap. However, this gap has been almost completely filled during the Asian session
  • Indices from Asia-Pacific traded mostly higher today, responding to strong gains made on Wall Street on Friday. Nikkei gained 1.9%, S&P/ASX 200 added 0.9%. Kospi traded 0.6% higher and Nifty 50 advanced 0.4%. Indices from China traded slightly lower
  • European index futures point to a flat opening of the cash trading session on the Old Continent today
  • Wall Street Journal reports that US bank may see a 20% increase in capital requirements
  • Australian business inventories increased 1.2% QoQ in Q1 2023 (exp. +0.5% QoQ)
  • Chinese Caixin services PMI moved from 56.4 to 57.1 in May (exp. 55.3)
  • Final Australian manufacturing PMI showed a drop from 53.7 to 52.1 in May (51.8 in first release)
  • Cryptocurrencies are trading lower – Bitcoin drops 1.5%, Ethereum trades 1.8% lower and Dogecoin declines 1.6%
  • Precious metals trade mixed – gold and silver drop while platinum and palladium gain
  • AUD and USD are the best performing major currencies while CHF and GBP lag the most

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