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 on tighter market
On Friday, crude markets stood firm because the Forties pipeline outage in the North Sea as well as the everlasting OPEC-led output cuts underpinned the commodity, while ascending output from the USA kept oil from soaring further.
American West Texas Intermediate crude futures hit $57.13 a barrel, soaring 9 cents from their previous settlement.
As for Brent crude futures, they reached $63.35 a barrel, gaining cents from their previous close.
Market participants told that in general markets were well underpinned by efforts led by OPEC and Russia to tame supply just to prop up crude prices.
The everlasting outage of the Forties pipeline that carries North Sea oil to the UK, was also backing crude prices because inventories around the globe were being drawn down.
As Goldman Sachs stressed, market conditions enabled the major crude companies to enter "an upbeat earnings-revision cycle" and it should help them to have their capital re-employed at double-digit returns.
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.