Crude oil futures – weekly outlook: June 27 – July 1

By Investing.com

Crude oil futures – weekly outlook: June 27 – July 1

© Reuters.  Oil lower, but pares back overnight losses on Brexit vote© Reuters. Oil lower, but pares back overnight losses on Brexit vote

Investing.com – Oil prices fell on Friday but clawed back some overnight losses after a shock vote by the U.K. to exit the European Union triggered a broad based selloff in global markets.

On the New York Mercantile Exchange, crude oil for delivery in August settled at $47.56 a barrel at the close, down $2.55 or 5.09% for the day, after falling as low as $46.70 a barrel in overnight trading.

Global benchmark Brent settled at $48.41 per barrel, down $2.50 or 4.9% having earlier traded as low as $47.54.

It was the largest one-day percentage decline for both contracts since February.

The U.K. voted by nearly 52% to 48% on Thursday to break away from the world’s biggest trading bloc.
British Prime Minister David Cameron, who had backed the failed Remain campaign, stepped down after the final referendum result was announced.

The decision heightened fears over the outlook for the global economy and triggered historic falls in stocks and currencies.

Global stocks saw more than $2 trillion wiped off their value and the pound fell by as much as 10% as investors scrambled into safe haven assets, like gold and government bonds.

Also Friday, Baker Hughes said that the number of rigs drilling for oil in the U.S. fell last week for the first time in four weeks.

The rising rig count in recent weeks had fueled concerns that price of around $50 a barrel could encourage U.S. producers to increase output and flood the still-oversupplied oil market.

In the week ahead, Tuesday’s supply data from industry group the American Petroleum Institute will be in focus ahead of Wednesday’s weekly government report on stockpiles.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

Monday, June 27

New Zealand is to release data on the trade balance.

Tuesday, June 28

The U.S. is to release final data on first quarter growth as well as a private sector report on consumer confidence.

The API is to release its weekly report on crude stocks.

Wednesday, June 29

Japan is to release data on retail sales.

In the euro zone, Germany and Spain are to produce initial estimates on consumer inflation.

The U.K. is to release data on net lending.

The U.S. is to report on personal income and spending and pending home sales.

The EIA is to publish its weekly report on crude stockpiles.

Fed Chair Janet Yellen and other central bank heads are to attend the ECB central bank conference in Portugal.

Thursday, June 30

Germany is to report on unemployment change.

The U.K. is to release data on the current account.

The euro area is to unveil its preliminary inflation estimate for June.

The ECB is to publish the minutes of its latest meeting.

Canada is to report on monthly GDP growth.

The U.S. is to release data on jobless claims.

Friday, July 1

Japan is to release data on household spending, inflation and manufacturing and service sector activity.

China is to release official data on manufacturing and service sector activity as well as the private sector Caixin manufacturing index.

The U.K. is to release data n manufacturing activity.

The Institute of Supply Management is to report on U.S. manufacturing activity

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