
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?
On Wednesday, oil grew in Asia after industry data on American inventories demonstrated that refined products slumped more than expected, although crude stocks didn’t drop as much as seen. Market participants were cautious ahead of gathering of OPEC as well as allied producers on May 25.
June delivery crude futures added 0.04% in New York, hitting $51.49 a barrel, and in London, Brent futures jumped 0.07%, hitting $54.19 a barrel.
Crude inventories edged down a less-than-expected 1.5 million barrels, hitting 512.9 million barrels at the end of the previous week, as the American Petroleum Institute informed on Tuesday. At the same time gasoline demonstrated a bigger than expected dip along with distillates. As for gasoline stocks, they went down by 3.15 million barrels, while distillate inventories dipped 1.85 million barrels.
Financial experts actually expected crude inventories to sag by 2.419 million barrels, while distillates are observed down 743,000 barrels, and gasoline stocks reported a 1.19 million barrels dip.
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?
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 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.
The US CPI will come out on Wednesday, May 11, at 15:30 MT time (GMT+3).
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