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 demonstrates mild ascend in Asia ahead of American rig count data
On Friday, crude staged a moderate soar in Asia, with American crude approaching the key $50 a barrel mark ahead of weekly rig count data supposed to set the near-term tone ahead of next week's gathering of OPEC as well as allied producers on output dips.
In New York, June delivery crude futures added 0.85%, being worth $49.77 a barrel. As for London, in this city Brent futures acquired 0.70%, being worth $52.88 a barrel.
In figures posted last Friday, oilfield services company Baker Hughes announced that American drillers gained 9 crude rigs just to take the total to 712 rigs for the 17th weekly revenue in a row, thus extending an 11-month drilling revival to the highest value since August 2015, suggesting that further revenues in domestic production are ahead.
Overnight, oil climbed up because traders remained quite upbeat as for OPEC would reach an anticipated agreement in order to extend the current supply-cut deal beyond June at its scheduled gathering next week.
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.