Brent Update

On Wednesday, April 13, at the end of the day, oil prices rose by 3.57%, to 108.75 rubles. The price rose in the European and American sessions. The report on oil reserves from the US Department of Energy had no impact on the market.

US oil inventories increased by 9.4 million barrels over the past week (the forecast was +1.00 million barrels). Gasoline stocks for the week decreased by 3.6 million barrels (forecast was -600 thousand barrels), while distillate stocks fell by 2.9 million barrels (forecast was -416 thousand barrels).

The market still believes that the supply of oil from Russia will fall. The IEA expects that the fall in oil production in Russia in April will be up to 1.5 million barrels per day compared to March, and in May it will accelerate to 3 million barrels.

On Thursday, April 14, at auction in Asia, Brent oil costs $108.65 per barrel. The dollar is getting cheaper on Forex. The general mood in the oil market is bullish. The continuation of growth of quotations to $110.50 is expected.