The price bounced off the $100 support

On Thursday, July 7, at the end of the day, a barrel of Brent rose by 4.05% to $104.03. Prices rose, despite the data on the growth of energy stocks in the US. The market was supported by the message about the stimulus measures taken by China in the amount of $220 billion. It can be implemented in the second half of the year.

According to the US Department of Energy, over the past week, US oil inventories increased by 8.23 ​​million barrels (the forecast was -1.55 million), to 423.8 million barrels. This is the highest increase in eight weeks. Gasoline inventories decreased by 2.5 million barrels (forecast was -1.05 million) and amounted to 219.11 million barrels, distillate stocks - by 1.27 million barrels (forecast was +1 million), to 111.14 million barrels.

On Friday, July 8, at auction in Asia, Brent oil costs $104 per barrel. The price rebounded from the $100 support, while the scales are still leaning towards the sellers. In order to neutralize the bearish mood in the oil market, which appeared after fears of a slowdown in the global economy, buyers need to quickly return the price to $115. Failure to bring the price back will cause a new wave of futures selling. Below the $99 level, the next target is $88 per barrel. American stock indices are correcting, which means that recession horror stories are no longer scary.