Oil: Buyers are finding resistance Near 115 Level

On Wednesday, May 25, oil trading ended with a slight increase. A barrel of Brent rose 0.43% to $114.34. Trades went smoothly.

Oil inventories in the United States for the week ended May 20 fell by 1 million barrels to 419.8 million barrels (the forecast was -0.8 million barrels). Inventories of gasoline decreased by 0.5 million barrels to 219.7 million barrels (forecast was -0.6 million barrels). Inventories of distillates rose by 1.7 million barrels to 106.9 million barrels (the forecast was 0.9 million barrels). Oil production remained at the level of 11.9 million barrels.

On Thursday, May 26, at auction in Asia, Brent oil costs $114.40 per barrel. The focus of traders is still the ongoing discussion by the European Union on the introduction of a ban on the import of Russian oil.

Buyers lack the strength to overcome the $115 level. If Thursday fails to pass it, you will have to retreat to the level of $110 before the weekend.