[size=36]World markets await 3 economic events this week[/size]
World markets are looking forward this week to the release of the OPEC production report, as well as the announcement of the minutes of the Fed meeting and the testimony of its president before Congress.
OPEC Report OPEC
announces its monthly report on oil production levels on Thursday.
OPEC and Russia agreed last week to extend the production cutoff agreement by an additional 9 months to 31 March 2020, by 1.2 million bpd.
In May, OPEC output fell to a five-year low of 236,000 bpd to 29.87 million bpd.
A Reuters survey predicts a drop in production last month at the lowest level since 2014, at 29.60 million bpd.
The US Federal Reserve will release minutes of its latest meeting on Wednesday, as the US Central Bank will release minutes of its meetings three weeks after the meeting.
The Fed's recent meeting saw comments that caused major volatility in global markets.
Federal Reserve Chairman Jerome Powell said all available instruments would be used to maintain the economic expansion of the United States, noting that more economic signals should be seen before the move to cut interest rates.
The Federal Reserve's primary interest rate is currently between 2.25 percent and 2.50 percent.
Powell is also due to give a briefing on the state of the economy from the Fed in Boston on Tuesday.
In the next two days, Jerome Powell is scheduled to begin his testimony before Congress, where he discusses the Fed's semi-annual monetary policy report.
Other Fed officials are due to comment on the US economy and the central bank.
The speakers include Federal Reserve Chairman James Pollard, Federal Reserve Chairman Rafael Postic, Federal Vice President Randall Carles and New York Fed Chairman John Williams.
US inflation data
The United States reported inflation data for the month of June on Thursday amid expectations of its stability on a monthly basis.
In May, US inflation was 0.1 percent on a monthly basis.
While the US consumer price index increased by 1.8 percent in the twelve months to May compared to a 2 percent increase in the previous year.