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 dips as ascending output weighs
On Monday, oil descended, though still staying close to nine-week maximums, backed by sturdy American jobs data the previous week as well as a moderate sag in the American drill rig count, even as soaring output from OPEC tamed oil markets.
Brent crude futures decreased 0.32% being worth $52.25 a barrel.
American crude futures slumped 0.30% trading at $49.43 per barrel.
Prices for both benchmarks have been sticking to their maximums since late May, when crude producers led by OPEC extended a deal to cut output by about 1.8 million barrels a day until the end of March 2018.
At the end of the previous week crude prices grew strongly because traders considered American jobs data as an upbeat indication of crude demand in America. A small dive in the number of drill rigs in the USA backed prices too.
In July, American employers hired up to 209,000 employees, beating forecasts, and increased wages, as the US Labor Department informed on Friday.
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 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.
The US CPI will come out on Wednesday, May 11, at 15:30 MT time (GMT+3).