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Economic calendar: Oil traders wait for OPEC decision

8:07 AM 5 March 2020

  • OPEC meeting in Vienna

  • BoE and BoC Governors scheduled to speak

  • US hard data for January

OPEC meeting

Group of major oil producers will meet today in Vienna to discuss response to recent developments in the oil market. It looks like an output cut is a done deal after crude price plummeted 20%. The question remains how deep the cut will be. Saudi Arabia is said to be pushing for an over 1 mb output cut but others may not agree. Anything below that could be a disappointment for oil traders.

Data releases to watch today

1:30 pm GMT - US, jobless claims. Expected: 215k. Previous: 219k

3:00 pm GMT - US, factory orders for January. Expected. -0.1% MoM. Previous: 1.8% MoM

3:00 pm GMT - US, durable goods orders for January (final). Expected: -0.2% MoM

3:30 pm GMT - Natural gas storage change. Expected: -108 bcf. Previous: -143 bcf

Central bankers’ speeches

  • 1:00 pm GMT - BoE Chief Economist Haldane

  • 5:00 pm GMT - BoE Governor Carney

  • 5:45 pm GMT - BoC Governor Poloz

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