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 leaps in Asia
On Friday, crude went up in Asia after the USA fired dozens of missiles into Syria, responding to a chemical weapons attack on civilians.
In New York, May delivery crude futures surged 1.51%, hitting $52.48 a barrel. Meanwhile, in London, Brent futures added 1.55%, trading at $55.70 a barrel.
Besides this, traders shift their attention to Baker Hughes rig count, expected to be released later on Friday.
Overnight, oil settled higher, as hopes that an OPEC-led cut would be extended beyond June compensated bearish American inventories data.
Oil futures managed to settle higher for a third straight day notwithstanding renewed worries that a ramp up in American crude output would dampened OPEC’s efforts to cut supply, after American crude inventories reached a record peak on Wednesday.
Wednesday’s report from the Energy Information Administration revealed a sudden surge in US crude inventories that confounded expectations for a dip in inventories because America approaches the ‘summer driving season’.
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.