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 prices get to 2-week peaks as American crude output dips
On Thursday, crude prices tacked on to a two-week peak in European trade, extending revenues into a sixth session right after the American government data disclosed the greatest weekly dip in domestic crude output in nearly a year.
August delivery West Texas Intermediate crude futures were worth $45.12 a barrel, earning approximately 0.9%. The commodity benchmark reached its highest value since June 14.
Meanwhile, September delivery crude futures surged 0.8% in London, having reached a two-week peak of $48.03.
On Wednesday, oil prices reported steep revenues, with the commodity boasting its fifth wining session in a row.
Crude prices have stood under pressure in recent weeks because worries over ascending American shale output canceled out output cuts by OPEC as well as non-OPEC members.
The previous month, OPEC along with some non-OPEC producers extended a deal to reduce up to 1.8 million barrels per day until March next year.
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.