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 inches up, backed by dip in southern Iraq exports
On Tuesday, crude ascended, gaining support from a tumble in crude exports from OPEC's number two producer Iraq as well as a projected extended dive in American commercial crude stocks.
In London, December delivery crude futures tacked on 5 cents hitting $57.42 a barrel.
December delivery American crude futures also gained 5 cents trading at $51.95.
This month Iraqi crude exports have declined more than 200,000 barrels a day because shipments from both north and south of Iraq went down.
On Monday, US Secretary of State Rex Tillerson urged the Kurdistan region and the Iraqi government to tackle their conflict over Kurdish self-determination as well as disputed territories through dialogue.
The decline in supplies from Iraq comes because OPEC, Russia as well as other producers are reducing output by nearly 1.8 million barrels a day until March 2018 in an attempt to tame a glut and underpin 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 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.