March 24, 2022

Buyers are determined to return the price to the level of $130 per barrel

On Wednesday, March 23, at the end of the day, a barrel of Brent rose in price by 6.01%, to $121.31. Growth of quotations began with the Asian session and was observed during the day before closing. Price acceleration was observed after the release of data from the US Department of Energy on a weekly decline in oil and petroleum products stocks.

Oil inventories in the US for the week ended March 18 fell by 2.51 million barrels (the forecast was -750 thousand barrels), to 413.4 million barrels. Inventories of gasoline decreased by 2.95 million barrels (the forecast was -1.85 million barrels) and amounted to 238.04 million barrels, distillates - by 2.07 million barrels (the forecast was 1.05 million barrels), to 112.14 million barrels.

On Thursday, March 24, a barrel of Brent costs $122 at auction in Asia. The technical picture is favorable for the continuation of the rally to $130.