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 is mixed with American rig count ahead
On Friday, in Asia, crude was narrowly mixed because traders looked ahead to American rig count data from Baker Hughes for further direction on shale crude.
November delivery crude futures gained 0.10% in New York reaching $51.34 a barrel. At the same time Brent futures dived 0.05% in London being worth $57.23 a barrel.
On Tuesday, crude prices managed to settle lower because data demonstrating a larger than anticipated build-up of product inventories kept weighing on market sentiment.
Crude prices went down because signs that OPEC would further extend the world’s supply-cut agreement deal didn’t manage to compensate everlasting investor worries over data highlighting a steep soar in gasoline as well as diesel supplies.
Issued on Wednesday, a weekly report from the Energy Information Administration revealed that American gasoline stockpiles went up for a fourth straight week. Meanwhile, supplies of distillates edged up for the first time since August.
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.