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 steady as strong Chinese demand relieves concern of everlasting glut
On Thursday, crude prices were steady because strong demand from China relieved concerns of an everlasting fuel glut.
Brent crude futures showed $47.75 a barrel, gaining 1% from the previous close.
West Texas Intermediate crude futures were worth $45.48 a barrel, sliding 1% from the previous close.
China imported up to 212 million tons of crude oil during the first six months of 2017, adding 13.8% compared to the same period of the previous year, as customs data disclosed on Thursday, making China the world's number one oil importer ahead of the US.
The strong demand from China definitely relived worries of an everlasting fuel supply overhang.
On Wednesday, the Organization of the Petroleum Exporting Countries told that the world would require up to 32.20 million bpd of oil from its members in 2018, which is 60,000 bpd less compared to this year, as customers have raising choices of supply from outside the crude cartel.
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.