
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 Friday, crude edged lower, while still hovering over 8-week maximums, underpinned by a dip in American inventories as well as OPEC's ongoing attempts to cut output.
Brent crude futures tumbled 0.1% demonstrating $51.43 per barrel.
American West Texas Intermediate crude futures decreased 0.1% being worth $48.99 per barrel.
In the previous session both benchmarks rallied to their highest values since May 31, backed by a soar in American gasoline futures after earlier support from OPEC's fresh attempts to restrict exports as well as an abrupt dip in US crude inventories.
By July 21 US crude stocks went down abruptly by 7.2 million barrels because of strong refining activity and also a jump in exports, as follows from data from the Energy Information Administration.
Flooding American crude supplies have appeared to be a challenge to output cuts to back prices led by OPEC.
Crude prices have been underpinned by a further agreement between OPEC as well as some non-OPEC participants to limit Nigerian crude production and also encourage several members to comply with their promised output cuts.
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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