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On Monday, crude sagged because a relentless ascend in American drilling understated an OPEC-led push to tighten oil supply.
This day trading activity is going to be subdued because of public holidays in the United States, China and the United Kingdom.
Brent crude futures slumped 0.3%, hitting $52.00 per barrel.
American West Texas Intermediate crude futures declined 0.3% too, demonstrating $49.63 per barrel.
The previous week, the Organization of the Petroleum Exporting Countries along with some non-OPEC producers agreed to extend an initiative to cut output by approximately 1.8 million barrels per day, until the end of the first quarter of next year. However, the decision didn’t go as far as many traders had hoped and provoked a heavy sell-off.
Notwithstanding the ongoing dips, crude prices haven’t ascended much beyond $50 per barrel.
American drillers have already added rigs for up to 19 straight weeks, reaching 722, which is the highest amount since April 2015 as well as the longest run of additions on record, as energy services company Baker Hughes Inc informed.
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?
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 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.
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
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