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?
Crude climbs up in Asia on weekly American rig count
On Friday, crude prices managed to earn in Asia, with the market looking ahead to American rig count figures.
In New York, August delivery crude futures leapt 0.23%, trading at $42.84 a barrel. In London, Brent crude futures leapt 0.18%, being worth $45.30 a barrel.
In America, the overall number of rigs drilling for crude has soared for 22 straight weeks with the latest report due on Friday from oilfield services company Baker Hughes with market participants eagerly looking forward to find out if recent price dips in oil are provoking a re-think on drilling plans or not.
On Thursday, tropical storm Cindy made landfall close to Lake Charles, Louisiana, having disrupted certain operations in the Gulf of Mexico, the exact place where approximately 17% of American crude as well as 5% of dry natural gas are extracted. As for the storm, it’s currently on the wane.
Overnight, oil futures managed to settle higher, thus paring some of the losses faced in recent sessions, although market sentiment was still bearish because traders kept fretting about ascending global stockpiles.
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.