“Now, of course, we are seeing a certain rebound. Yesterday there was a very strong drop, we saw that in the moment Brent crude fell to $ 31 per barrel, while before the announcement of the breakdown of the OPEC + agreement, it was falling, of course, somewhere to $ 45, but basically it was about $ 47 -48 per barrel, this low price was considered. Now it is being adjusted, traders began to buy futures, but again, we probably will not enter the previous corridor. At about $ 50, oil will probably no longer be traded, ”Yushkov explained.
At the same time, the expert noted that a second wave of price changes can be expected.
“If, again, OPEC + does not agree on anything, then from April 1 there will again be a fall in prices. Because now there are still production quotas for OPEC +, and since April 1, there are no restrictions, at least for today. Until the beginning of April, we will hesitate, traders will catch the news: there is an OPEC + meeting or not, someone is preparing to increase production, someone is not preparing, a new agreement will be signed, if there is no, prices will jump on these news, ”he concluded analyst.
Earlier it was reported that, according to world trading data, oil is getting more expensive by 7% after a sharp decline in quotations.
As of 08:21, the May futures for Brent crude rose by 7.33% to $ 36.88 per barrel.
April futures for the WTI brand grew by 6.81%, to $ 33.25 per barrel.