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On Wednesday, crude prices went up more than 1.5%, extending profits from yesterday because the American government downgraded its crude output outlook for 2018. Moreover, fuel inventories edged down.
Brent crude futures gained 1.6%, hitting $48.28 a barrel, while American West Texas Intermediate crude futures showed $45.82 per barrel, rising 1.7%. On Tuesday, both managed to settle 1.4% higher.
Crude prices soared steeply overnight because the Energy Information Agency reduced its forecast for American output in 2018. Meanwhile, API data unveiled another large inventory drawdown.
American crude inventories went down by 8.1 million barrels by July 7, dropping to 495.6 million, as the American Petroleum Institute informed, thus showing that a long-standing fuel supply overhang is actually starting to decrease.
Besides this, the US Energy Information Administration reported that it expected next year’s crude output to ascend to 9.9 million barrels per day from this year’s 9.3 million bpd, which would be a 570,000 bpd leap.
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 Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.
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