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 soar on first dip in American drilling in months
On Monday, crude jumped, underpinned by the first sag in American drilling activity in months, though revenues were capped by reports of soaring OPEC output the previous month even as the group has promised to minimize supply.
Brent crude futures managed to leap 0.3%, showing $48.93 per barrel, having soared 5.2% the previous week, its first weekly jump in six weeks.
American West Texas Intermediate crude futures went up 0.5%, trading at $46.28 per barrel, contributing to the previous week's 7% revenue.
Oil prices added because drilling activity in America for new crude output went down for the first time since January, losing by two rigs.
American crude futures went down 9% during the second quarter, which concluded in June, while Brent futures sagged 9.3%. It extended first-quarter dips for the contracts.
Notwithstanding the sag in American drilling activity, the overall rig count turned to be more than double the 341 rigs in the same week the previous year, according to energy services company Baker Hughes Inc.
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 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.
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.