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Brent has come close to the level of $90 per barrel


Apríl, 03 2024
watermark Economic news

The oil market is growing steadily on Wednesday: Brent oil quotes almost came close to the level of $ 90 per barrel. 


Analysts note the growing risks of oil supplies in connection with Iran's statements about a possible response to the Israeli airstrike on its consulate in Damascus.


Also today, market participants drew attention to the meeting of the OPEC+ monitoring committee. However, the committee's ministers have not submitted any recommendations to the alliance, and a full-scale OPEC+ meeting is scheduled for June 1.


Some pressure on the quotes was exerted by data from the US Department of Energy on crude oil reserves in the country. Commercial oil reserves increased by 3.21 million barrels last week to 451.42 million barrels. Gasoline inventories decreased by 4.26 million barrels and amounted to 227.82 million barrels. Commercial distillate stocks decreased by 1.27 million barrels to 116.07 million barrels.


Experts expected a decrease in oil reserves by 1 million barrels, an increase in gasoline reserves by 100 thousand barrels and a drop in distillate reserves by 1 million barrels. As a result, Brent dropped slightly to $89.80.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.