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 gains on lower American crude stocks
On Thursday, crude markets ascended, underpinned by a fourth straight weekly decline in American crude inventories, although soaring output capped prices below the 2015 maximums hit earlier this week.
American West Texas Intermediate crude futures hit $56.74 a barrel, gaining 0.25% from their previous settlement.
As for Brent crude futures, this benchmark showed a reading of $62.77 a barrel, adding 0.5% from their previous close.
By December 8 American crude oil stockpiles went down by 5.1 million barrels, which is the fourth consecutive losing week, tumbling to 442.99 million barrels. It’s the lowest outcome since October 2015.
Market participants told that reports that the Organization of the Petroleum Exporting Countries, Russia as well as other non-OPEC producers might be considering output cuts beyond the current timeframe that actually sees curbs until the end of next year also underpinned Brent.
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 Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
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.