
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?
On Wednesday, crude prices went down by 1%, continuing Tuesday's slide right after the International Energy Agency expressed doubts as for the last few months' narrative of tightening crude markets.
Brent crude futures demonstrated $61.61 a barrel, sliding 1% from their previous close.
American West Texas Intermediate crude futures CLc1 reached $55.14 a barrel, decreasing 1%.
The price dips mean that crude prices are currently falling by approximately 5% since hitting 2015 maximums the previous week, concluding a 40% soar between June and early November.
On Tuesday, the International Energy Agency downgraded its crude demand surge estimates by approximately 100,000 barrels a day for this year and 2018.
The given demand slowdown could suggest that world crude consumption might not, as many hope, breach 100 million bpd in 2018, while supplies will probably exceed that level.
American crude output has already soared by more than 14% since mid-2016 to about 9.62 million bpd and it’s supposed to keep rising.
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?
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.
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