Brent Update

On Friday, March 25, oil trading ended with growth. A barrel of Brent rose 1.19% to $119.30. Oil trades are relatively calm in a limited range.

Buyers were supported by news from Saudi Arabia, where a Saudi Aramco oil plant located in Jeddah was damaged after a missile strike. Also, investors are concerned about possible interruptions in oil supplies from Russia against the backdrop of sanctions imposed by Western countries.

According to the latest data from Baker Hughes, over the past week the number of active oil rigs increased by 7 units to 531, while the number of gas rigs remained unchanged at 137 units.

On Monday, March 28, at auction in Asia, Brent crude is traded in the red at $118 per barrel. Oil fell on negative news from China. China is facing the worst covid outbreak since Wuhan. On March 27, 1275 new cases of coronavirus were recorded in the country compared to 1254 the day before. Shanghai has announced a partial shutdown of the city. The entire city was not closed because it plays an important role in China's economy and social development.