Brent has come close to the level of $90 per barrel | Economic News ForexMart
 

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


April, 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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