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 holds moderate revenue in Asia after steep losses overnight
On Thursday, crude prices gave up early revenues in Asia, though staying in the black with market sentiment firmly focused on the pain point for American shale driller crude benchmarks keep declining close to $40 a barrel.
August delivery crude futures tacked on 0.07% in New York, settling at $42.56 a barrel. In London, Brent crude futures climbed up 0.04%, trading at $44.84 a barrel.
Overnight, crude futures shrugged off their lowest value since August, although remained at seven-month minimums because data showing that supplies of American crude sagged by more than expected didn’t manage to compensate fears as for the glut in supply.
Inventories of American crude went down by approximately 2.45m by June 16, which is below hopes for draw of nearly 2.1m barrels.
Oil prices have stood under pressure since the beginning of the week, reflecting the surging disbelief among traders in Opec as well as its allies’ ability to adjust the demand and supply balance in the oil 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 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).
Representatives from 15 oil-rich nations attend OPEC meetings. They discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.