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Crude oil prices trade near the weekly highs ahead of the OPEC+ members meeting on Thursday to determine the production quota for June. The meeting is expected to begin at 11:30 GMT in Vienna.


Crude oil prices trade near the weekly highs ahead of the OPEC+ members meeting on Thursday to determine the production quota for June. The meeting is expected to begin at 11:30 GMT in Vienna. The OPEC members expected to agree to raise production targets by 432,000 barrels per day (bpd) for June.

On Wednesday, the crude oil prices bounced after the news that the European Union is proposing to ban all oil imports from Russia by the end of this year.

“What is clear is that Russia’s oil and other liquids exports of more than seven million bpd cannot be made up from elsewhere. The spare capacity just does not exist,” OPEC Secretary-General Mohammad Barkindo said on Wednesday. “However, its potential loss, through either sanctions or voluntary actions, is clearly rippling through energy markets.” – he added.


Wall Street closed higher on Wednesday after the FED meeting. The Federal Reserve meeting outcome was entirely in line with expectations. The ride-hailing giant Lyft (NASDAQ: LYFT) stock plunged almost 30% on Wednesday following the release of Q1 results. The stock dipped on weaker-than-expected guidance for the second quarter.

On the earnings front, Shopify, Lucid motors and DoorDash are amongst those reporting the last quarter's financial results today.


Crude oil futures holding the previous session gains. Meanwhile, the EIA released last week's US crude inventory data on Wednesday's North American session. The data showed the US crude oil inventories rose by 1.302 million barrels in the week ended April 29th, compared to market expectations for a 0.829 million drop.


In the currency market, Commodity-linked currencies such as the Australian and Canadian dollars inched towards recent peaks on Wednesday morning driven by oil prices recovery and the weaker US dollar. The British pound reversed from the early session gains ahead of the Bank of England rate decision.


The safe-haven metal rebounded back to above the psychological level of $1900 on Wednesday after the most awaited FOMC meeting outcome was slightly less aggressive than the markets’ prediction. At the time of writing, the metal retreated back to near the $1890 area.

Economic Outlook

On the data front, the Federal Reserve raised interest rates by half a percentage point on Wednesday. The US central bank said its $US9 trillion worth of bonds would be allowed to decline by $US47.5 billion a month in June, July and August.

Fed Chair Jerome Powell said a 75-basis points hike "is not something the committee is actively considering.” He also added an approach of a "soft" landing of the economy.

Moving ahead today, the important events to watch:

UK – BOE interest rate decision and statement: GMT – 11.00

US – Jobless claims: GMT – 12.30

Coronavirus update:

Worldwide, more than 514 million people have been confirmed infected and more than 6.23 million have died. The United States has confirmed over 81 million cases and has had more than 993,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For today the first support for the Euro appears to be around 1.0570, in the short-term any break below 1.0570 is the next downside level is to watch 1.0540/30. On the other upper side, the immediate resistance is around 1.0650 any break and close above this level will open at 1.0690 and 1.0720.


The important levels to watch for today: Support- 1.0570 and 1.0530 Resistance- 1.0640 and 1.0670.

GOLD: The precious metal trades near $1900. If the bullish momentum continues, then the next upside level is to watch $1912 and $1920. On the downside, any meaningful pullback now seems to find some support near the $1888 zones, below which the slide could further get extended towards the $1870/66 regions.

gold neww

The important levels to watch for today: Support- 1888 and 1880 Resistance- 1905 and 1912.

Quote of the day - “The stock market is a battlefield. Always remember to survive in the game first. Only those that survive the battle can enjoy the spoils of the war.” – Benjamin Lee.

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Federal Open Market Committee, a committee within the Federal Reserve System (the Fed), will release June’s FOMC meeting minutes later today. In the June meeting, FOMC raised interest rates by 75 bps, the biggest increase in three decades.



The Reserve Bank of Australia increased its benchmark interest rate from 0.5% to 1.35% on Tuesday and It is the third consecutive month in which the central bank has hiked rates.



Precious metals like gold and silver prices extended declines in early trading on Friday. The strong bearish sentiment fueled by fed Chairman Jerome Powell's hawkish stance on Wednesday encouraged dollar bulls and pressured metal prices lower.



Global markets remain volatile following the hawkish comments from the central bank chiefs during the European Central Bank's (ECB) annual forum in Portugal. The central bankers have warned that the era of low-interest rates and moderate inflation has come to an end.