Today, OPEC+ preliminary estimate for May compliance remains high at 115%, three Norwegian labour unions could strike on June 17th over wages, and as IEA expects global oil demand to reach pre-virus levels next year.
WTI crude is back above the $70 level, and they may stay there if Iran nuclear talks continue to drag on.
Expectations remain that the Fed will stick to the ‘inflation is transitory script’ is high, but recent gains in labor and a red-hot inflation number will raise the risk that the Fed will be less dovish.
No one is denying that the developing world will likely continue to embrace Bitcoin, but the big question on Wall Street is when will the institutional buyer return.
If the council can prove to corporate America that miners are using less computing power and energy to verify transactions, that could be what is needed to start attracting big money.
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