Venezuelan oil will not change the supply on the market

On Monday, June 6, according to the results of the day, Brent crude oil fell by 0.85% to $120.28. During the European session, the price fell to $118.74. The market reacted with a decrease to two news: the increase in selling prices by the Saudi state company Saudi Aramco and the permission of Venezuela to export to the EU. Export volumes will be small, so supplies from Venezuela will not contribute to the overall supply of oil.

On Tuesday, June 7, at auction in Asia, Brent oil costs $120 per barrel. The downward correction was not deep. Buyers won back yesterday's losses and are ready to resume the upward movement above $121 per barrel. The growth of quotes is constrained by the strengthening of the dollar on Forex.