Oil is recovering after the morning fall

On Monday, oil began the trading day with a decline in quotations to the level of $83 per barrel. Pressure on the asset was exerted by China's public statement that it intends to sell gasoline and diesel fuel stocks from its reserves in order to increase supply on the market and stabilize prices. Analysts note that Beijing has announced the release of reserves for the first time.

However, almost immediately, Brent quotes managed to recover to the level of $84.70 per barrel. WTI rose from a daily low of $82.75 to $84.19 per barrel. 

At the same time, the oil market continues to be under pressure. Another driver of the decline in prices this week may be concerns that OPEC+ countries, following the results of the upcoming meeting on Thursday, may ease production restrictions and increase the supply of raw materials to world markets. 

In addition to OPEC+, the US Federal Reserve will also hold a meeting this week, which may also have a significant impact on the dynamics of the value of «black gold».