March 23, 2022

Oil: target remains at $120 per barrel

On Tuesday, March 22, according to the results of the day, Brent crude oil fell by 1.87%, to $114.43 per barrel. The price declined slightly after a 13% rise. Demand for oil is supported by reports that the European Union is discussing the possibility of imposing a ban on the import of Russian oil.

EU foreign ministers have been unable to reach an agreement on the embargo because the EU's dependence on Russian energy resources is too great.

On Wednesday at the auctions in Asia, Brent oil costs $116 per barrel. Traders are looking forward to the release of official data on changes in stocks in the US last week. Changes in oil reserves are not expected. In terms of gasoline stocks, experts expect a reduction of 1.7 million barrels, distillate stocks - by 1.4 million barrels.

According to the American Petroleum Institute (API), last week, oil inventories decreased by 4.28 million barrels (+0.1 million was expected). Gasoline stocks decreased by 0.626 million barrels (-2.0 million were expected), 0.826 million barrels (expected -1.4 million).
For today, the oil target remains at $120 per barrel.