Oil: buyers headed for the level of 120

On Thursday, May 26, according to the results of the day, Brent crude oil rose by 2.85% to $117.59 per barrel. Buyers went through resistance in the American session. The growth of oil quotes accelerated against the background of the weakening US dollar.

The dollar increased the decline in the global Forex currency market after the publication of US GDP data for the first quarter. The country's GDP fell by 1.5% against a preliminary estimate of 1.4%. According to the forecast, the indicator was expected to improve to minus 1.3%.

The US has not been able to avoid the energy crisis, which it has exacerbated through sanctions on Russia and pressure on European politicians to turn Europe away from Russian energy resources. The measures taken by the White House could not bring down the prices of gasoline and gas.

On Friday, May 27, at auction in Asia, Brent oil costs 117.38 per barrel. Buyers managed to pass the resistance of 115. Next week we expect a test of the $120 level.