Brent - Consolidation Continues, ready for some Upside.

Over the week, oil prices fell by 4.69% to $112.39 per barrel. The maximum was fixed at $133 per barrel, from which the fall was 17%. Buyers began to take profits on the statements of the White House to unpack strategic reserves and send oil to the foreign market.

The United States imposed a ban on the import of oil and other energy products from Russia as part of a new tightening of sanctions. The EU has abandoned the embargo.

In 2021, trade between Russia and the United States increased by 44.09% to $34.4 billion. The largest increase in Russian exports to the United States in 2021 compared to 2020. was observed in the group: mineral fuel, oil and products of their distillation; bituminous substances; mineral waxes - an increase of 3.4 US dollars.

US oil production remains at 11.6 million barrels per day. According to the latest data from Baker Hughes, the number of oil rigs increased by 8 to 527, and the number of gas rigs increased by 5 to 135.

Russia is the world's largest oil exporter, so restrictions on supplies from Russia will take time for other players to ramp up production and exports.

On Monday, March 14, at the auctions in Asia, oil is traded with growth at the level of 110. By the close, it is expected to recover to $115 if the overhead resistance is to be taken out.

As long as $108 is not taken Out - Current Support. We may expect a move higher , first to $111 per barrel, If that Taken out - expect $115 next.