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?
Oil edges up on signs of tighter market
On Wednesday, crude prices rallied, soaring for a third day, following signs that markets are actually tightening after years of oversupply. However, the outlook for 2018 was still unclear.
American West Texas Intermediate crude futures gained 0.3% from their previous settlement. Brent crude futures hit $56.69, soaring 0.1% from their previous close.
Traders told that on Wednesday they would consider US fuel inventory data, while on Thursday they will closely watch indicators on price direction.
The American Petroleum Institute is expected to publish its data for the previous week on Wednesday at 2030 GMT, while the US Department of Energy's report will be unveiled on Thursday.
As financial experts stressed, short-term conditions seemed tightening.
Price support is also ensured by economic surge, which the International Monetary Fund forecast late on Tuesday would account for 3.6% worldwide in 2017 and 3.7% next year.
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 US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.