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 is mixed in Asia on China dismal PMI
On Tuesday, crude was mixed in Asia because China demand attracted attention on a weaker than anticipated PMI.
In New York, December delivery crude futures went down 0.18% being worth $54.05 a barrel. Meanwhile, in London, Brent futures gained 0.02% trading at $60.2 a barrel.
As China revealed, October’s official manufacturing PMI accounted for 51.6 versus the expected 52.
A bit later on Tuesday, the American Petroleum Institute is expected to disclose its weekly estimates of crude as well as refined product stocks. Market experts see a 2.575 million barrels sag in oil, a 2.450 million barrels slide in distillates, a 2.050 million barrels tumble in gasoline supplies.
On Monday, crude prices settled higher because worries over a rise in Iraqi exports were compensated by everlasting rumors that OPEC will decide to have output cuts extended beyond March.
Crude kept soaring, climbing to an eight-month maximum amid bullish talk from OPEC as well as non-OPEC members on a plausible extension to the output-cut agreement.
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 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.
The US PPI will come out on Thursday, May 12, at 15:30 MT time.