Brent Update + OPEC on Thursday

On Monday, March 28, according to the results of trading, Brent crude oil fell by 8.18%, to $109.54 per barrel. Pressure on the oil market was exerted by new quarantine measures in China, which could lead to a decrease in energy demand.
Shanghai has begun a massive two-year lockdown amid the outbreak of the COVID-19 coronavirus. Shanghai, a city of 26 million on China's southeast coast, is the center of finance and international business in the country. The city is also home to the world's largest container shipping port.

On Tuesday, March 28, at the auctions in Asia, oil is traded in a small plus at $110 per barrel. The market is waiting for the meeting of representatives of the OPEC + countries, which will be held on Thursday. Tensions in the Middle East also eased. Yemeni Houthi leader Mahdi al-Mashat has announced a halt to attacks on targets in Saudi Arabia for three days. This was announced over the weekend by the Al Mayadeen TV channel.

The price was corrected by 50% to increase from $96.90 to $123.71 per barrel. If buyers defend the $110 level until Thursday, then a recovery to $115 per barrel can be expected.