Oil: buyers are set to move towards the $124-126 zone

On Friday, June 3, according to the results of the day, Brent crude oil rose by 2.64% to $121.32 per barrel. On the last day of the week, the upward movement continued. The growth of quotations began after the OPEC + meeting, at which it was decided to increase oil production quotas in July and August by 648 thousand barrels per day. Earlier it was planned that the quota for July, August and September will be increased by 432 thousand barrels per day.

Europe sees salvation in the increase in quotas, as it can help reduce dependence on Russian oil. This was stated by the President of the European Commission Ursula von der Leyen.

The sixth package of sanctions provides for a ban on the import of crude oil and certain petroleum products from Russia. The phase-out of crude oil will take about six months, and from oil products - up to eight months.

According to the data on the number of active drilling rigs for the week from Baker Hughes, the number of oil and gas drilling rigs remained unchanged at 727 units.

On Monday, June 6, at auction in Asia, Brent oil costs $120. In most areas of Beijing, the easing of anti-coronavirus restrictions begins on Monday. This decision was made by the authorities against the backdrop of an improvement in the epidemiological situation. Buyers are ready to move higher to the target zone of $124-126.