The price of oil bought back to 114 as part of the correction

On Wednesday, June 1, at the end of the day, oil prices fell by 0.42% to $115.77 per barrel. Market participants are nervous before the announcement of the results of the OPEC + meeting. The alliance is sticking to a slight monthly increase in oil production of about 400-450 thousand barrels per day. It also became known that OPEC + at a meeting on Wednesday did not discuss the exclusion of Russia from the deal.

The countries of the European Union on Tuesday night agreed on the sixth package of sanctions against Russia, which includes an oil embargo. The EU embargo on oil tanker supplies from Russia will not lead to an immediate sharp increase in oil prices, since the imposition of the ban will be extended for at least six months.

On Thursday, May 2, at auction in Asia, Brent oil costs $114 per barrel. The oil market is under pressure due to the strengthening of the dollar. The dollar index moved to growth against the backdrop of a renewed increase in the yield of 10-year US bonds. Despite its strengthening, oil quotes continue to grow on the news about the weakening of anti-coronavirus measures in Shanghai. Buyers need to keep the price above the 112 level. If it fails, then we will have to prepare for a fall to 107.