Oil: since the beginning of April, the price remains in the range of $97-116 per barrel

On Monday, May 9, Brent crude fell 6.90% to 105.02, May 10 - 2.76% to 102.12.

On Monday, prices fell on the news that Saudi Arabia lowered oil prices for buyers in Europe, Asia and the Mediterranean region. The fall intensified in the American session due to the collapse of the stock market, which reached its lowest level since April 2021 in major US indices.

Oil prices are also under pressure as the European Union failed to come up with specific sanctions measures against Russian oil at the end of the weekend. Hungary is blocking a proposal to ban imports from Russia. The Czech Republic, Bulgaria, Hungary and Slovakia want to be released from the oil ban. The EU has also softened its original plans to ban the transport of Russian oil by tankers to third countries.

The price of Brent crude is trading above $100 per barrel. Since the beginning of April, it has remained in the price range of $97-$116. Market participants do not have enough drivers to determine future prices. The pressure is rising. In China, due to the outbreak of COVID-19, restrictions continue to apply. Sellers are eager to break through the $97/bbl level. At the auctions in Asia oil has risen in price by 1.8%. As part of the correction, a recovery to $106 per barrel can be considered.