STARTRADER Monday’s Market Update 05-06-2023

Oil prices witnessed a noticeable increase of over 2% at the beginning of the week after the Kingdom of Saudi Arabia announced an additional voluntary production cut. In the OPEC+ meeting held on June 4th, an agreement was reached to set a new production target starting from 2024, with production being reduced to 40.46 million barrels per day until the end of the year. The previous decision to voluntarily reduce production was also extended until the end of 2024.

Non-farm payrolls in America increased more than expected in May, with 339,000 jobs added, while the expectations were only 190,000 jobs.

US stock indices closed with consecutive gains following the calmness that prevailed in the markets after Congress passed the debt ceiling agreement, with the Dow Jones index surging by about 700 points.