Important news next week for Oil - For those who trade the Black Gold

06.06.2016 / 02:40

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The price of Oil fell slightly last Friday, after the latest data, showing that the count of working Oil Rigs increased for the first time from 11 weeks ago and this increased the negative sentiment againt the Oil due to increased supply. The higher price induces speculations of more up side to come.

All types of coordinative action by OPEC to curb and limit the production and suppy of Oil has failed during their latest meeting. The next meeting is in mid November 2016. The price of Oil fell by 0.62% after its been rising for three straight weeks. Investors will focus on the upcoming data this week that will impact the Oil price like; Supply and Demand on World wide level. For any natural disasters or Geo political situations that can interupt the supply or demand.

More important news coming up this week:

Monday - Federal Reserve Chair Janet Yellen is due to speak about the U.S. economic outlook and monetary policy at the World Affairs Council of Philadelphia.

Tuesday - The American Petroleum Institute, an industry group, is to publish its weekly report on U.S. oil supplies.

Wednesday - China is to release a closely-watched report on the trade surplus.

The U.S. Energy Information Administration is to release its weekly report on oil and gasoline stockpiles.

Friday - Baker Hughes will release weekly data on the U.S. oil rig count.

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Important news next week for Oil - For those who trade the Black Gold

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