US job creation below expectations again
The US economy added 559k new jobs in May, twice more than in April, but much less than what the ADP survey and jobless claims…
Crude oil prices scaled back to 66.9 $/b, amid the resolution of the US colonial pipeline issue on Thursday and selling pressure coming from CTA players in the rolling period of the month. The drop in flat prices was also due to a comparable decline in time spreads, indicating that prompt demand remains unusually low, with Gulf coast refiners likely easing runs to limit the impact of the Colonial pipeline, while Indian crude buying continues to be subdued. Singapore stocks, depicting the Asian product market dynamics, showed an increase in gasoline and diesel stocks, putting pressure on Asian margins.
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