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On Monday, oil tacked on in Asia, with market participants paying attention to quite busy week of data points on demand and supply.
American West Texas Intermediate crude futures rallied 0.26% being worth $49.42 a barrel. At the same time Brent futures added 0.20% trading at $55.73 a barrel.
Japanese markets are still unavailable, while China returns from a week-long holiday.
In the week ahead, investors will closely watch fresh weekly data on American stockpiles of crude as well as refined products on Wednesday and Thursday in order to further assess the real impact of recent storm activity was on demand and supply.
The reports emerged one day later than usual because of the Columbus Day holiday in the USA on Monday.
Besides this, crude traders are going to focus on monthly data from the OPEC members and also the International Energy Agency to evaluate global crude supply as well as demand levels.
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 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.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
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