Brent Update

On Tuesday, April 26, according to the results of the day, Brent crude oil rose by 2.68% to $105.25. The oil market has been under pressure for several weeks amid market concerns about oil demand in China, where lockdowns caused by the coronavirus outbreak continue to operate. Additional pressure on the market continues to come from the strengthening of the US dollar in the global currency market.

Market participants calmed down about China. An upward correction has begun on the market. The market is waiting for data on fuel stocks in the US and assesses the situation with coronavirus in China.

According to the American Petroleum Institute (API), weekly crude oil inventories in the United States fell by 4.780 million barrels. Official data on stocks of oil and petroleum products in the US for the past week will be released in the evening. Experts expect an increase in reserves by 2.2 million barrels.

On Wednesday, April 27, at auction in Asia, Brent crude is traded in positive territory at $105.76. Traders are waiting for a report from the US Department of Energy and fresh news from China on lockdowns. Since the buyers were able to fight off the $100 level, they are now going to test $108.90 again. Key support remains at $97.50 per barrel.