
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 Tuesday, crude prices went down because the prospect of further leaps in American output undermined everlasting OPEC-led output cuts aimed at tightening the crude market.
Brent crude futures LCOc1 reached $62.94 a barrel, sliding 0.35% from their previous close. Meanwhile American West Texas Intermediate crude futures CLc1 hit $56.62 a barrel, decreasing 0.25%.
The dips emerged right after the previous week both crude benchmarks hit maximums last observed in 2015, although traders told that the crude market had lost some momentum since that time.
Market participants told they turned to be cautious on betting on further price leaps.
On Monday, the US government told that American shale output for December would inch up for a 12th consecutive month, soaring by 80,000 bpd.
Notwithstanding the cautious sentiment investors told that crude prices would unlikely edged down very far, mostly due to everlasting supply restrictions led by OPEC and Russia that have drastically contributed to a reduction in excess supplies.
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 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.
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