Posted on June 1, 2022 In the commodity market, the price of oil corrected from maximum levels due to the European Union’s embargo on Russian oil and the reopening in China. European Union leaders, including Hungary, agreed to a partial embargo on Russian oil as part of the sixth sanctions package. The sanctions prohibit the purchase of oil delivered by sea, which accounts for two-thirds of all Russian oil imports. On Thursday the meeting of OPEC (Organization of Petroleum Exporting Countries) is held where it is expected that its plan to increase production next July will be maintained. In the foreign exchange market, during Tuesday’s session the price of the EUR/USD pair moved in a range between 1.0679-1.0779, to end up closing the session in European time at levels of 1.0734. The interest rate on the 10-year US bond rose to 2.86%. The euro appreciated considerably against the Japanese yen to 138.11, recovering the psychological level of 138. The community currency depreciated against the Swiss franc to levels of 1.0297, while it closed practically flat against the pound sterling at 0.8518 . As for today’s macro calendar, there will be releases of German retail sales data, France’s budget balance, the Eurozone unemployment rate and the manufacturing PMIs for Spain, France, Germany, Italy, the United Kingdom and the Eurozone. Meanwhile, in the United States, we will have the Redbook of retail sales, the interventions of several members of the FED and the weekly crude oil reserves. INFORMATIONTitleThe European Union partially embargoes Russian oilDescriptionIn the commodity market, the oil price corrected from maximum levels due to the European Union embargo on Russian oil and the reopening in China.Author GLOBALCAJA