SINGAPORE (Reuters) - Oil prices dipped on Tuesday on expectations that producer cartel OPEC and key ally Russia will gradually increase output after withholding supplies since 2017.
The USD was weaker heading into this morning’s FOMC announcement but has recovered after a more hawkish statement was delivered.
Information received since the Federal Open Market Committee met in May indicates that the labor market has continued to strengthen and that economic activity has been rising at a solid rate.
The report serves as a stark warning to the world’s largest oil exporters, who meet next week in Vienna to discuss supply policy.
Donald Trump has ordered the suspension of US military exercises with South Korea, in a surprise concession at an extraordinary summit with North Korean leader, Kim Jong-un.
Trump said the process of denuclearization would happen “very, very quickly”, adding he had formed a “special bond” with Kim and the relationship with North Korea would be very different.
President Donald Trump is about to see whether his bet on North Korea will pay off: that Kim Jong Un’s desire to end his country’s economic strangulation and pariah status will prevail over the dictator’s fear of relinquishing his nuclear threat.
The Federal Reserve is all but certain to raise its key rate by a quarter point this week, meaning it will then have a benchmark above that of five counterparts in the Asia-Pacific region excluding Japan.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS advanced 0.5 percent to extend its gains, hitting a 2-1/2-month high for a second straight day. Japan's Nikkei average .N225 rose 0.9 percent.
A worldwide escalation of the trade tensions between the US and its major trading partners would have consequences for global trade equivalent to the 2008 financial crisis, the World Bank has warned.