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 weaker in Asia
On Thursday, oil held moderately weaker in Asia because market participants became cautious on political risk right after US Justice Department Deputy Attorney General Rod Rosenstein unexpectedly appointed ex-FBI director Robert Mueller as special counsel for taking over the investigation of Russia's believable interference in the US election. Moreover, traders also paid attention to next week's crucial gathering on extending a crude output cut plan.
In New York, June delivery crude futures dipped 0.20%, trading at $48.97 a barrel. At the same time, in London, Brent crude futures slumped 0.21%, being worth $52.10 a barrel.
Overnight, oil grew because market participants appreciated the publication of a bullish report from the Energy Information Administration that shows American crude inventories sank for a sixth-straight week.
Gasoline inventories edged down by only 0.413 million versus expectations for a draw of 0.731 million barrels, while distillate stockpiles declined by 1.94 million barrels, unlike an expected a 1 million dip.
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.