All week oil traders will be keeping a close watch on any statements and comments from the various members of the OPEC+ cartel ahead of the meeting on Sunday Jun 2nd Earlier this month, OPEC stuck to its forecast for strong growth in global oil demand in 2024.

The question is how long Saudi Arabia will remain willing to carry the burden of voluntary cuts as production elsewhere grows. The Saudis have cut production by 2 million barrels a day, ceding market share to non-OPEC countries like the US.

Is it time for the kingdom to open the spigots? Elsewhere, we are looking at some big inflation releases from the US, Japan, and the Eurozone. A holiday in the UK and US will mean Monday is fairly quiet.

And on Thursday watch for the second reading for Q1 GDP in the US.  

The initial reading showed growth slowed more than expected, but inflation was hotter than forecast. GDP expanded 1.6% in the first quarter, well below the 2.4% anticipated while core PCE inflation accelerated to 3.7% from 2.0%. This is an important report ahead of the June meeting of the Fed, but it seems markets have all but taken a rate cut next month off the table. 

Check the video below for more details.