
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?
On Tuesday, crude added, underpinned by healthy economic surge and the everlasting supply restraint by a bunch of oil exporters, including Russia and OPEC.
Spot Brent crude futures hit $69.41, rising 0.55% from their previous settlement, which is not far off the January 15 three-year maximum of $70.37 per barrel.
As for American West Texas Intermediate crude futures, they hit $63.99 a barrel, soaring 0.7% from their previous close. On January 16 WTI managed to reach its highest value since December 2014, demonstrating an outcome of $64.89 a barrel.
Market participants told that crude markets were mostly underpinned by healthy economic surge.
On Monday, the International Monetary Fund updated upward its estimate for world economic surge this year and 2019, to about 3.9% for both years, which is a 0.2% jump from its last revision in October.
Meanwhile, in the longer term, market participants are ready for a series of large-scale changes in crude demand coming from the growing popularity of electric cars.
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 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.
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