The activity of oil has restricted the supply report in the US

Oil trading of Brent sort ended with a decrease. The downward correction began at the European session from the level of $69.94 and intensified after the publication of the report of the US Department of energy on oil and oil products reserves in the country. The report reflected a sharp increase in oil inventories last week, which ended on March 29.

Oil reserves in the country for the week increased by 7.24 million barrels to 449.52 million barrels (forecast was — 0.9 million barrels). Gasoline reserves decreased by 1,781 million (forecast was — 2,500 million barrels), distillates — by 1,998 (forecast was — 600 thousand). Oil production increased from 12.1 to 12.2 million barrels.

Today, on April 4, at the auction in Asia, oil is trading in a small minus (-0.26%). Support was formed at the level of $68.70. While the price is trading above the indicated level, buyers will not sell oil futures.

If at the US session buyers will be able to get close to $69.90 again, then we are preparing to break the psychological level $70 with a goal of $70.75.

Author: Flyn Braun
Graduated from Cambridge University. Previously, he worked in various diferent news media. Currently, it is a columnist of the us news section in the Free News editors.
Function: Editor