Brent Update

On Friday, April 1, according to the results of the day, Brent crude oil fell by 1.09%, to $104.37 per barrel. The price was trading in a narrow range of $102-$106. Over the week, the price fell by 12.5%. The weekly drop was provoked by statements by US President Joe Biden about his intention to send 1 million barrels of oil per day to the market from the strategic reserve over the next six months.

OPEC+ ministers voted to increase oil production quota by 432,000 from May. The Alliance believes that there is no shortage in the oil market, therefore, they adhere to the previously adopted agreement.

According to the latest data from Baker Hughes on the number of active rigs, last week the number of oil rigs increased by 2 to 533, and the number of gas rigs increased by 1 to 138.
On Monday, April 4, at auction in Asia, Brent oil costs $104 per barrel. Today, calm trading is expected in the price range of $100-$108. The focus of market participants is still the situation in Ukraine, as well as the headlines about Russian oil. Investors fear a reduction in oil supplies from Russia.