Economic calendar: Waiting for Russian counter-sanctions announcement

• European stock markets set to open higher

• DOE report on oil inventories

• Markets wait for Russian sanction announcement

European stock markets are set to open higher today following a rather mixed Asian session. Economic calendar for today is rather empty with the DOE report on oil inventories being the only noteworthy release. However, its impact on oil prices may be somewhat muted as there are other factors in the spotlight for oil traders. United States decided to impose full ban on Russian oil, natural gas and coal imports while United Kingdom announced that it will phase out Russian oil in the coming months. In response, Russia announced that it will ban exports of certain commodities but have not yet defined which ones. Announcement of Russian counter-sanctions is a top event to watch in the coming days. List is expected to be published "within days" from the announcement and sanctions will be "precise and sensitive". Given current tensions, the Kremlin is unlikely to keep the West waiting. 

9:00 am GMT - Italy, industrial production for January. Expected: 0.1% MoM. Previous: -1.0% MoM

3:30 pm GMT - DOE report on oil inventories.

• Oil inventories. Expected: -0.6 mb (API: +2.8 mb)

• Gasoline inventories. Expected: -1.9 mb (API: -2.0 mb)

• Distillate inventories. Expected: -1.8 mb (API: -5.5 mb)

Central bankers' speeches

• 2:00 pm GMT - NBP Governor Glapiński