WTI fell below $70/bbl on May 30th due to concerns over tensions between Saudi Arabia and Russia, worries over the debt ceiling deal passing by June 5, and uncertainty regarding OPEC+ production cuts.
In the days ahead, the United States is set to release its latest CPI data, while China will publish inflation figures and the Bank of England will reveal its interest rate decision.
The PMI can be an important economic indicator to traders and investors alike as it reflects the economic trajectory of businesses from the manufacturing and services sectors.
On Wednesday, the U.K.’s and Eurozone’s latest inflation measures were published, showing how consumer prices shifted in March 2023.
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