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?
Brent gets closer to $60
On Friday, crude prices tacked on, with Brent futures getting closer to $60 amid tightening market hopes, underpinned by comments from Saudi Arabia's Crown Prince supporting the extension of OPEC-led crude output cuts.
Brent futures gained 0.17% being worth $59.40 a barrel.
By the way, Brent is currently a third above 2017 minimum hit in June and also at levels last observed in mid-2015.
American West Texas Intermediate crude futures hit $52.64 a barrel, staying intact from their previous close, adding by a quarter from their June 2017 minimum.
WTI has been lower than Brent because ascending American output has already capped crude prices in America.
The Organization of Petroleum Exporting Countries along with some non-OPEC producers, such as Russia has already promised to limit their output by approximately 1.8 million barrels a day until the end of March for the purpose of draining a global supply glut.
On November 30, OPEC is expected to meet in Vienna, where it should discuss extending that pact.
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 Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
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.