Oil falls, UK GDP drops pounds, while investor focus is on Vienna - market wrap

Oil retreated from a five-week high as investor attention turned from the U.S. Federal Reserve’s somewhat dovish message to the gathering of major crude producers in Vienna. The pound fell after disappointing output data.

West Texas oil swung between gains and losses before sliding as Saudi Arabia signaled Thursday’s meeting won’t produce a deeper cut than expected, even as OPEC and its allies appeared poised to extend their deal to reduce output.
Meanwhile, the dollar steadied in the wake of the Fed minutes, which cast some doubt over the trajectory of interest rate increases but confirmed the likelihood of a June hike. U.S.
futures pointed upwards, suggesting stocks will extend their longest stretch of gains since February.

And here are the main movers
Commodities
- Crude was trading 1.2 percent lower at $50.73 a barrel as of 7:30 a.m. in New York, after touching the highest level in more than a month.
- Gold slipped 0.1 percent to $1,257.25 an ounce.

Stocks
- Futures on the S&P 500 rose 0.3 percent. The underlying gauge rose 0.3 percent Wednesday.
- The Stoxx Europe 600 slipped 0.1 percent.

Currencies
- The dollar strengthened against all its Group of 10 peers as the Bloomberg Dollar Spot Index edged higher.
- The euro erased a gain to weaken 0.1 percent to $1.1209. The British pound fell 0.1 percent to $1.2959.

Source: Bloomberg Pro Terminal

Jr Trader Petar Milanov

Read more:

• USA ADP Nonfarm Employment Change: 202K vs 160K
• Iran response was ‘too fast and too furious’ on the U.S. airstrike
• USA – ISM Non-manufacturing PMI: 55.0 vs 54.5
• Top 5 things to watch on Tuesday
• Noise: How to Overcome the High, Hidden Cost of Inconsistent Decision Making