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?
API estimates suppress crude in Asia
On Wednesday, crude went down in Asia because gloomy US industry inventory estimates affected market sentiment and attention is shifting to an OPEC gathering in Vienna on oil output curb extensions.
January delivery crude futures dived 0.10% in New York being worth $57.67 a barrel. At the same time, in London, Brent futures lost 0.02% reaching $62.99 a barrel.
American crude stocks edged up by 1.821 million barrels, as the American Petroleum Institute informed on Tuesday. Gasoline supplies headed south by 1.529 million barrels, distillates added by 2.696 million barrels.
At the oil storage hub at Cushing, Oklahoma, supplies went down by 3.178 million barrels
Market experts expected crude stocks to slump by 2.301 million barrels at the end of the previous week. As for distillate stocks, they were supposed to rally by 230,000 barrels. Additionally, gasoline inventories were forecast to add by 1.199 million barrels.
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 US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.