After weeks of talks with its international creditors, Greece requested to bundle its four payments to the IMF into one lump-sum totalling €1.5 billion and pay this on June 30. On the commodities side, crude oil fell sharply from mid-week as speculators prepared for the OPEC’s semi-annual meeting on Friday. The key decision the cartel had to make was whether to raise its official output target to around 31 million barrels of oil per day.
The big story in global markets today is yet another leg lower in oil prices. WTI oil was testing key support in the 75.00-76.00 zone, while the Brent contract was pressing against key psychological support at 80.00 ahead of today’s crude oil inventory data.
On Friday, the Nikkei index managed to make back some of the losses from the previous session when the global markets had tumbled. Ahead of the weekend, this was undoubtedly due to short-covering and also some "bargain hunting."