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 markets are steady
On Friday, crude markets moderately declined, but generally remained intact, underpinned by everlasting supply cuts as well as strong demand that have resulted in a tightening market. However, the prospect of ascending American output capped oil prices.
Brent crude futures showed $63.76 per barrel, sliding 17 cents from its previous close.
Meanwhile, American West Texas Intermediate crude futures hit $57.07 a barrel, losing 10 cents. Although the benchmark stood near this week's more than two-year maximum of $57.92 a barrel.
The high prices were caused by efforts led by the Organization of the Petroleum Exporting Countries as well as Russia to tighten the crude market by simply withholding supplies and firm demand and jumping political tensions.
The strong crude demand is quite visible in Southeast Asia, exactly where the number of tankers holding crude in storage around Malaysia and Singapore has halved since June.
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.