The decision earlier today by OPEC+ to ease its oil production cuts from May means that production from the group will be slightly higher than we had previously anticipated in Q2. However, the rise in OPEC+ production will only be gradual, and with the lifting of quarantine measures set to boost global demand, the global oil market is still likely to remain in a deficit for the rest of this year.
Next week, the main event will be the release of the Fed Minutes on Wednesday, which should provide some indication about how committed the FOMC is to keeping interest rates at current lows. If the minutes bring forward market expectations of interest rates hikes then the US dollar could strengthen, putting downward pressure on commodity prices.
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