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On Friday, oil soared in Asia with market sentiment backed by an everlasting rebalance of demand and supply, not to mention geopolitical tensions as for rumblings for Kurdish independence in Iraq.
Additionally, later on Friday market participants are waiting for the Baker Hughes rig count for the anticipated weekly update on the number of American rigs drilling for crude.
In New York, November delivery crude futures grew 0.04% reaching $51.58 a barrel. In London, Brent futures soared 0.02% hitting $57.27 a barrel.
Overnight, oil settled lower because investors happened to unwind some of their bullish bets on oil, although market sentiment on crude was still upbeat reacting to inventory data on Wednesday demonstrating a sudden draw in crude supplies.
Crude dived because market participants took profit on the recent soar that has seen crude prices reached multi-month peaks on hopes that higher global demand would push the market closer toward rebalancing.
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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