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 shows the most impressive peaks since mid-2015
On Thursday, crude reached their highest value for more than 2-1/2 years, thus marking levels not observed since before a dip in commodity markets in 2014/15, underpinned by tensions in major producer Iran as well as by everlasting OPEC-led output cuts.
Prices were also supported by Asia's stock markets that flirted with 10-year maximums on Thursday amid firm data from key economies including Germany, Japan and the United States.
American West Texas Intermediate crude futures hit $62.12 a barrel, rising 0.8% from their previous settlement. They hit $62.17 briefly before, their highest outcome since May 2015.
As for Brent crude futures, they hit $68.13 a barrel, adding 0.4%, having reached a May-2015 maximum of $68.19 before.
Freezing weather in America has also powered short-term demand, in particular for heating oil.
Meanwhile, Iran's elite Revolutionary Guards have had to deploy forces to up to three provinces for the purpose of putting down anti-government unrest, which has been lasting for a week, as their commander told on Wednesday.
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.