Crude sags in Asia as American rig count gains

Crude sags in Asia as American rig count gains

On Monday, crude went down in Asia because the market digested fresh additions to the American rig count the previous week as well as firm output in the US.

January delivery US West Texas Intermediate crude futures dived 0.51% hitting $57.07 a barrel. Besides this, ICE Brent futures lost 0.38% hitting $63.09 a barrel.

This week crude traders are going to view monthly reports from OPEC and also the International Energy Agency for the purpose of evaluating global oil demand and supply levels. The given data will provide investors with a better picture of whether a rebalancing is taking place worldwide in the oil market or not.

The previous week, crude concluded higher on Friday, driven by signs of ascending crude demand in China, although prices didn’t’ manage to avoid a weekly loss amid worries over soaring output in America.

February Brent crude futures added 1.9% setting at $63.40 a barrel. Brent lost 0.6% for the week.


Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

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?

Will oil change the trend after OPEC-JMMC meetings?
Will oil change the trend after OPEC-JMMC meetings?

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.

Latest news

Can the UK CPI surprise?
Can the UK CPI surprise?

The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.

The US Retail Sales Update
The US Retail Sales Update

The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.

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