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 on dipping American crude stocks
On Wednesday, crude prices ascended on a dip in American crude inventories. However, financial markets were still being suppressed by general oversupply.
Brent crude futures hit $51.02 a barrel, soaring 0.4% from their previous close.
West Texas Intermediate crude futures CLc1 reached $47.70 a barrel, adding 0.3%.
In the USA, oil inventories went down by 9.2 million barrels by August 11 to 469.2 million, as industry group the American Petroleum Institute informed on Tuesday.
Meanwhile, gasoline stocks headed north by 301,000 barrels, versus analyst expectations for a 1.1 million barrel sag.
On Wednesday, official Energy Information Administration data will be released.
OPEC along with Russia still face a fierce battle in cutting the global supply surplus in the face of surge in output in other parts of the world, including Nigeria, Libya and American crude, as French bank BNP Paribas revealed in its note.
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.