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 soars as oil producers are expected to cooperate beyond 2018
On Monday, crude added, underpinned by news from Saudi Arabia that cooperation between crude producers, already withholding oil supplies, would remain beyond 2018.
Firm global economic surge and a sag in American drilling activity also underpinned this commodity, as some financial experts told.
Brent crude futures hit $68.84 a barrel, adding 0.34% from their previous close. On January 15 Brent futures inched up to $70.37, which is its highest value since December 2014.
American West Texas Intermediate crude futures reached $63.53 a barrel, earning 0.25% from their previous close. On January 16 WTI soared to $64.89 – their highest value since December 2014.
A bunch of crude producers including Russia and OPEC got down to withholding output in January 2017 to back prices. By the end of this year the deal will expire.
American drillers reduced five crude rigs by January 19, thus pushing the count down to 747.
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.