1. Global stocks erase early losses in volatile trade

U.S. stock futures pointed to a higher open on Tuesday, reversing overnight losses, as market players awaited further hints on the timing of the next U.S. rate hike. Tuesday's economic calendar is light with new home sales and the Richmond Fed survey, both due at 14:00GMT, or 10:00AM ET.

Elsewhere, European stock markets turned positive in afternoon hours on Tuesday, following a shaky start to the trading session, as financial shares advanced.

Earlier, shares in Asia closed mostly lower, led by declines in Japan and China, as oil prices fell, while investors continued to struggle with uncertainty over the timing of the next U.S. rate hike.


1. Oil prices slump as global production outages near end

Oil prices were under pressure on Monday, giving back some of last week’s gains amid easing concerns over global supply outages.

U.S. crude was down 40 cents, or 0.83%, to $48.01 a barrel by 9:55GMT, or 5:55AM ET, while Brent dropped 31 cents, or 0.66%, at $48.40.

Oil futures have been well-supported in recent weeks due to a combination of Nigerian, Libyan and Venezuelan supply outages, as well as reduced production of Canadian crude as a result of fires in Alberta's oil sands region.

However, as some of the supply disruptions are subsiding, traders are putting their focus back on the growth of global oil supply.


1. G7 meets to tackle stagnant global growth

Finance ministers and central bankers from the G7 began a two-meeting on Friday in Sendai, Japan meant to discuss ways of inflating sluggish global growth, though leaders were not expected to reach a pact on coordinated fiscal stimulus.

The risk of the U.K.’s June 23 referendum on its membership in the European Union will be a focal point on the agenda. Leaders are concerned about the impact on financial markets if Britain decided to leave, known as a Brexit.


1. Odds for Fed rate hike in June surge

Odds for a June rate hike by the Federal Reserve surged following the release of hawkish Fed minutes, which indicated that “most” of the central bank’s members are ready to raise rates if economic data points to stronger second-quarter growth as well as firming inflation and employment.

Fed funds futures were signaling a 34% chance of a June rate hike by Thursday morning, compared to 16% before the release of the hawkish Fed minutes Wednesday afternoon and up sharply from just 4% a week ago.

Market players will pay close attention to comments from a pair of key Fed officials later Thursday. Fed Vice Chair Stanley Fischer speaks at 13:15GMT, or 9:15AM ET, at an event at Columbia University, while New York Federal Reserve President William Dudley will hold a press briefing on the economy at 14:30GMT, or 10:30AM ET.

Besides the Fed speakers, traders will be watching closely when weekly jobless claims are released at 12:30GMT, or 8:30AM ET, after last week's surprising jump. The Philadelphia Fed survey is also released at 8:30AM.


1. Fed minutes on tap as officials keep June live

Market participants look ahead to the meeting minutes from the last monetary policy decision of the Federal Reserve (Fed) that will be released at 18:00GMT, or 14:00ET, in the hopes that details will help gauge the positions of officials at the March gathering and shed light on the future path of monetary policy.

Wall Street dropped and the dollar strengthened on Tuesday as three Fed officials commented that they still believe there could be two or three rate hikes this year, despite the fact that financial markets were only pricing one in for 2016.

With Federal fund futures pricing in only a 15% chance of a rate hike at the next meeting in June, according to CME Group (NASDAQ:CME) data, the remarks appeared to be an attempt to remind markets that all of the meetings are “live”, referring to the fact that the U.S. central bank could make a policy move.


1. Oil prices trade at 7-month highs

Oil prices rose to fresh seven-month highs on Tuesday, adding to sharp overnight gains amid mounting concerns over global supply disruptions.

U.S. crude rallied to a session high of $48.42 a barrel, the most since October 13. It last stood at $47.87 by 9:55GMT, or 5:55AM ET, up 15 cents, or 0.31%. Meanwhile, Brent dipped 6 cents, or 0.12%, to $48.91, after touching $49.47.

Oil prices have been well-supported in recent sessions due to a combination of Nigerian, Libyan and Venezuelan supply outages, declining U.S. shale output and reduced production of Canadian crude as a result of fires in Alberta's oil sands region.


Oil jumps as Goldman says market in deficit

Oil prices jumped more than 1% after Goldman Sachs (NYSE:GS) said an almost two year run of oversupply is coming to an end as the market likely flipped into a deficit in May following various disruptions to global supply.

Goldman also raised its U.S. crude price forecast to $50 a barrel for the second half of 2016, from $45 in March.

However, Goldman warned that the market would flip back into oversupply in the first half of 2017.


1. Oil prices fall on stronger dollar and glut worries

Crude prices fell on Friday as the dollar continued to rise, making fuel imports for countries with currencies other than the greenback more expensive, and as Russia warned that the global supply glut could last into next year.

U.S. crude oil futures fell 1.73% to $45.89 at 9:54AM GMT, or 5:54AM ET, while Brent oil lost 1.52% to $47.35.


1. Dollar halts 6-day rally

The U.S. dollar eased against a basket of currencies after six straight days of gains on Wednesday, falling to 93.99 after climbing to 94.33 a day earlier, which was the most since April 28.

The greenback fell back below the 109-level against the yen as investors locked in gains following its steep rise after continued comments about possible intervention by the Japanese government.


1. Oil rebounds after Monday’s tumble

Oil bounced back on Tuesday after closing the prior session with a 2.7% drop as market players continued to weigh supply disruption in Canada and waited for fresh weekly information on U.S. stockpiles of crude and refined products.

The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles rose by 0.5 million barrels in the week ended May 6.

Additionally, the Qatari oil minister commented that the market is on the way to recovery and should rebalance in the second half of the year, while the Saudi Arabia’s new oil minister suggested demand would increase by 1.2 million barrels per day this year.

U.S. crude oil futures gained 0.85% to $43.81 at 10:00AM GMT, or 6:00AM ET, while Brent oil rose 1.51% to $44.29.


1. Oil prices jump 2% as Canadian wildfire disrupts output

Oil prices rallied on Monday, as huge wildfires in rural Canada continue to hit supply from the country's vast oil sands reserves.

At least 645,000 barrels a day of oil-sands production have been sidelined, based on public announcements, but the true figure may be closer to one million barrels a day, or nearly half of Canada’s total 2.5 million barrels a day in oil-sands output.

U.S. crude was up $1.07, or 2.4%, to $45.73 a barrel by 9:55GMT, or 5:55AM ET, while Brent tacked on 87 cents, or 1.9%, at $46.24.


1. Oil prices soar as Canadian wildfire threatens output

Oil prices rallied more than 3% on Thursday, as a huge wildfire in Canada disrupted its oil sands production.

The fire, in Alberta, Canada, has forced the evacuation of 88,000 people. Some oil pipelines in the region were shut as a precaution, while output at several facilities has been disrupted, although the volume of the decline was unclear.

U.S. crude was up $1.38, or 3.15%, to $45.16 a barrel by 9:52GMT, or 5:52AM ET, while Brent jumped $1.16, or 2.55%, at $45.76.

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