
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 Monday, crude prices revived some ground, following the previous week's huge losses, powered by hopes that OPEC will extend its promise to minimize output to cover all of 2017, though a relentless surge in American drilling capped revenues.
American West Texas Intermediate crude futures CLc1 gained 0.5%.
Brent crude futures LCOc1 inched up 0.5%, hitting $52.23 per barrel.
Crude prices edged down steeply the previous week on the back of relatively high crude supplies notwithstanding a promise by the Organization of the Petroleum Exporting Countries as well as some other crude producers to reduce output by nearly 1.8 million barrels per day for six months from January 1 to back the market.
American drillers added crude rigs for a 14th week in a row, adding to 688 rigs and extending an 11-month revival, expected to boost American shale output in May by the biggest monthly surge in more than two years.
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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