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 revenues on API estimates
On Wednesday, crude held revenues in Asia because industry estimates revealed a much sharper draw in American crude inventories expected, although higher than seen gasoline stocks affected market sentiment.
In New York, June delivery crude futures grew 0.78%, trading at $46.24 a barrel. In London, Brent futures surged 0.68%, being worth $49.06 a barrel.
In America, crude inventories dived a more than expected 5.79 million barrels by May 5, as the American Petroleum Institute posted in estimates issued on Tuesday.
Gasoline inventories inched up by 3.17 million barrels, compared to an expected draw, and distillate stocks edged down by 1.17 million barrels.
Additionally, supplies at the crude storage hub at Cushing, Oklahoma, edged down by 130,000 barrels.
Overnight, crude futures sank on Tuesday, as worries over ascending American output resumed after the Energy Information Administration lifted its near-term outlook for American crude output and revised down its forecasts for crude prices.
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.