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Oil rate stabilizes after correction near $ 70 per barrel

Earlier this week, oil ran into resistance near the psychological $ 70 / bbl mark and has been declining since then. After yesterday’s drawdown, Brent is consolidating around the $ 68 level in Friday trading. On the one hand, the weakening dollar provides some support to prices. On the other hand, speculation about new strains of coronavirus in India puts pressure on quotes in the context of the prospects for a recovery in demand. The emergency regime in a number of regions of Japan adds fuel to the fire, which is valid until May 11, but with a high degree of probability it will be extended, since the incidence remains high. Also, traders are playing back the negative from Saudi Arabia, which has reduced the prices of its oil for clients from Europe and Asia. Market participants were not pleased with the increase in gasoline inventories in the US, which signals weak consumption despite the beginning of the driving season. The upside potential for prices will remain limited until India and Japan take control of the virus situation. To overcome the important $ 70 barrier, the market will need to mitigate this risk. In the short term, it is important for Brent to stay above the $ 68 level in order to avoid a deeper correction .___________________ Arseniy Dadashev, Director, Academy of Financial and Investment Management

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