
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 Tuesday, oil managed to extend its drop into a second session because market participants looked ahead to weekly reports from America on stockpiles of oil as well as refined products to indicate the strength of demand in the world’s number one consumer.
Industry group the American Petroleum Institute is expected to publish its weekly report soon on Tuesday. On Wednesday, official data from the Energy Information Administration is going to be published, amid estimates for an oil-stock sag of approximately 3.5 million barrels that would mark the third-straight dip.
American West Texas Intermediate crude futures edged down 0.4% hitting $57.23 a barrel, having declined 1.5% yesterday.
At the same time Brent crude futures got to $62.22 a barrel, diving 0.4%, from their previous close. In the previous session the contract tumbled 2%.
On Monday, crude settled lower amid concerns that soaring American shale output would affect OPEC’s vigorous effort to rid the crude market of excess supplies.
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 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.
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