Oil: the price has approached an important level

On Friday, May 27, according to the results of trading, Brent oil rose in price by 1.46%, to $119.31 per barrel. Despite the fact that the European Union cannot find a compromise on the rejection of Russian energy resources, the price of oil continues to rise in price.

According to the latest data from Baker Hughes, the number of active oil rigs for the week decreased by 2 units. up to 574 units In general, drilling activity in the Americas is growing.

On Monday, May 30, at auction in Asia, Brent oil costs $120 per barrel. The price returned to an important resistance level. The immediate target is $123.71 (Max 24 Mar 2022). Oil has been rising in price for seven weeks in a row, so a correction should be expected from the 120-123 zone.

On Thursday, June 2, OPEC+ countries will meet to determine production quotas for the next month. It is expected that the countries of the alliance will continue to adhere to the previously agreed schedule and increase quotas by 432,000 bpd.