Brent update

On Thursday, April 21, according to the results of the day, Brent crude oil rose by 1.30%, to $108.51. The price of oil is consolidating in a limited range in anticipation of new triggers for further movement. Market participants do not have enough current information to make trading decisions. Also, the increase in quotes is constrained by the strengthening of the dollar in anticipation of an aggressive increase in rates by the US Federal Reserve at the next three meetings.

On Friday, April 22, at the auctions in Asia, oil is traded in a small minus at the level of 107.32. Today it became known that Japan announced a tender for the sale of about 5 million barrels of oil from its strategic reserves as part of measures to stabilize world energy prices. This was stated to journalists by the Minister of Economy, Trade and Industry Koichi Hagiuda.

In early April, IEA member countries plan to send a total of 120 million barrels of oil from their reserves to the market.

Shanghai has reported a sharp increase in the number of seriously ill Covid-19 patients, raising concerns that the Chinese financial center is likely to see more deaths and lockdowns not lifted anytime soon.

As for oil, we expect the sideways movement to continue in the range of $104.00-111.00.