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 revive on big American crude stock drawdown
On Wednesday, crude ascended because industry data disclosed a larger-than-anticipated drawdown in American crude stockpiles. Meanwhile, hopes for an extended shutdown of a key North Sea crude pipeline also kept bolstering financial markets.
Brent crude gained 1% being worth $63.98 a barrel. On Tuesday, the benchmark had declined 2.1% following profit-taking after news of a major North Sea pipeline shutdown assisted to send the benchmark above $65 for the first time since 2015.
Additionally, American West Texas Intermediate crude futures rallied 0.7% sticking to $57.56 a barrel, having tumbled 85 cents in the previous session.
The UK’s major pipeline from its North Sea oil and gas fields will be probably shut for repairs for a couple of weeks, as its operator told on Tuesday.
In response to this move at the North Sea several crude producers, including Royal Dutch Shell and BP told that they had closed down their oil fields too.
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 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.
The US PPI will come out on Thursday, May 12, at 15:30 MT time.