Brent Update

On Tuesday, March 29, at the end of the day, a barrel of Brent rose by 1.52% to $111.21. The price fell to $104.79 amid reports of progress in negotiations between Russia and Ukraine. Risky assets responded with growth to the results of the negotiations, but it is not known what proposals will be in the final agreement.

Brent briefly traded at the low of the day. By the close of the American session, the price recovered to $111.58 per barrel.

On Wednesday, March 30, at auction in Asia, oil is traded at $110.86 per barrel. Market participants are waiting for the OPEC+ meeting. At it, oil exporters will discuss the levels of oil production for May. Recent statements by the group's representatives suggest that the alliance will decide to increase production in accordance with the previously agreed schedule.

According to the latest data from the American Petroleum Institute, crude oil inventories in the US on March 25 -3.0 million barrels against -4.28 million barrels a week earlier. The focus of traders today will be a report on oil reserves from the US Department of Energy, headlines on Ukraine, as well as lockdowns in China due to the coronavirus. On Wednesday, the trading range is between $105-117 per barrel.