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 set for the first weekly dip on oversupply concerns
On Friday, crude was mixed after recent declines, although the commodity was on track for the first weekly decline for six weeks, being suppressed by ascending American supplies as well as doubts over Russian support for extending a cut in crude output.
Brent crude futures LCOc1 hit $61.23 a barrel, sliding 13 cents from their previous close.
American West Texas Intermediate crude futures reached $55.32 a barrel, ascending 18 cents. Market participants told that firm American crude exports were backing WTI futures.
This commodity found itself on track to dive approximately 2%-4% for the week on concerns over surge in American output as well as inventories, after both benchmarks hit 2015 maximums the previous week.
Russian support for this formalized extension of output cuts at the anticipated November 30 OPEC gathering happens to be questionable enough, as some market experts told.
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.