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 tighter American market and firm China imports
On Friday, crude prices ascended because both American crude output and inventories sagged, pointing to a tightening market.
Firm Chinese crude import data also underpinned oil, as market experts state.
With OPEC leading an output cut, market experts told that global crude markets were currently broadly balanced following years of oversupply.
American West Texas Intermediate crude futures hit $50.88 a barrel, rising 0.6% from their previous settlement.
American crude inventories went down 2.7 million barrels by October 6, hitting 462.22 million barrels, as the Energy Information Administration informed on Thursday.
Crude output slid 81,000 barrels a day reaching 9.48 million bpd.
Brent oil futures hit $56.51, soaring 0.5%.
Firm Chinese crude imports that averaged up to 8.5 million bpd between January and September, also underpinned oil prices, as financial experts stressed.
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.