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 holds its revenues as OPEC and allies are set for Vienna meeting
On Thursday, oil held profits in Asia, with all eyes on Vienna, exactly where OPEC as well as allied producers are expected to extend a highly anticipated crude output cut pact by up to nine months.
June delivery crude futures tacked on 0.74% in New York, being worth $51.74 a barrel. In London, Brent futures soared 0.80%, trading at $54.39 a barrel.
Apparently, American shale appears to be a considerable threat to the OPEC deal, especially considering how the ascending output from America, has grasped market share from other OPEC participants.
On Thursday, at a gathering in Vienna OPEC’s supposed to extend an initial six-month crude output cut pact along with other crude producers led by Russia to March 2018.
Meanwhile, gasoline inventories edged down by 0.485 million versus hopes for a draw of 0.74 million barrels. As for distillate stockpiles, they went down by 0.485 million barrels, compared to hopes for a 0.74 million sag.
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.