This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
American crude prices reach the highest levels since mid-2015
On Friday, American crude prices reached their highest levels since mid-2015 because a sudden dip in American output as well as a dive in commercial oil inventories stoked buying.
Meanwhile, Brent crude futures rallied too, underpinned by everlasting supply cuts by major producers Russia and OPEC and also sturdy demand from China.
American West Texas Intermediate crude futures hit $60.30 a barrel, gaining 0.8% from their previous close, which is the highest value since June 2015.
Since the beginning of the year, WTI and Brent have ascended by respectively 17% and 12%, although the price jumps from mid-2017 appear to be much stronger, demonstrating 50% leaps.
Since mid-2016 American crude output has risen by nearly 16%, although most experts had expected output to break through 10 million bpd by the end of 2017 - a value only exceeded by key exporter Saudi Arabia and also top producer Russia.
US Energy Information Administration will reveal Crude oil inventories on February 9, 17:30 GMT+2.
On Wednesday, February 2, during the day, members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.
The US PPI will come out on Thursday, May 12, at 15:30 MT time.