The price of oil jumped this week on a combination of renewed fighting in Libya which disrupted oil production and speculation that OPEC members will extend their output cuts beyond the June deadline. Meanwhile, buoyant economic data out of the US, Europe and China supported the prices of other more industrial commodities and offset the negative impact of a somewhat stronger US dollar.
Looking ahead, the direction of US foreign and trade policy might become clearer after the meeting between China’s President Xi Jinping and President Trump in the US on Thursday-Friday. On the data front, the focus will be on the US with the ISM manufacturing index out on Monday and the March employment report on Friday. We expect both data releases to be fairly upbeat.
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