Brent Update

On Monday, April 4, according to the results of the day, Brent crude oil rose by 3.47%, to $107.99 per barrel. The oil market received support due to a pause in negotiations to resume the nuclear deal with Iran, as well as increased sanctions against Russia and expectations of disruption of oil supplies from the country.

The focus of traders remains the situation in China. The authorities continue to fight COVID-19. There is a possibility of lifting restrictive measures by the end of the week, which is positive for the oil market. The release of strategic reserves in the US remains a constraining factor in the growth of oil prices.

On Monday, April 5, at auction in Asia, Brent oil costs $108.70 per barrel. The price remains trading above $100 per barrel. The uptrend remains in force. By the end of the day, a moderate price recovery to $112.50 is expected.