5 Major Developments Affecting Markets – Oil Prices

Market Movements

5 Major Developments Affecting Markets; Nasdaq futures underperform again in the pre market as stagflation hits Apple and NVIDIA. The US will release last week's unemployment claims, along with revised GDP figures for the first quarter, amid labor market growth indicators. Updates from Dollar General and Dollar Tree may shed light on how quickly consumers are cutting back on their spending. Russia's central bank has cut interest rates sharply as the risk of financial instability diminishes, and the UK is poised to raid energy producers to help poorer households. Here's what you need to know in financial markets on Sunday, June 6th.

5. Oil rises on Aramco warning; UK to announce taxes

Crude oil prices rose after the US government reported last week that crude inventories fell slightly more than expected. The warnings of Amin Nasser, CEO of Saudi Aramco (TADAWUL:2222), about the lack of spare capacity in the global market also helped increase prices. As of 06:10 ET, US crude was up 0.9% to $111.31 a barrel, while Brent crude was up 0.6% to $111.73 a barrel. The UK will be the latest country to impose an unexpected tax on oil and gas producers on Thursday, with Treasury chief Rishi Sunak expected to channel the money into subsidies for low-income households. That comes a day after a damning report into repeated violations of lockdown rules on partying at 10 Downing St. Prime Minister Boris Johnson has stated that he has no plans to resign.