As Mitrahovich emphasized, a huge number of factors constantly influence the oil market.
“Now the moment could be affected by the news about the next lockdowns in China, which reduce oil consumption.
In general, many factors will matter in the future: whether Western pressure on Russia will increase, which will happen with the West complying with its own sanctions against Russia.
Then the situation related to the visit of US President Joe Biden to Saudi Arabia may influence.
If he goes there and agrees to increase production, then perhaps the price will go down.
If this is not agreed upon, it turns out that Saudi Arabia has little free capacity, which means the reaction will be the opposite, ”the analyst explained.
Earlier it became known that the price of Brent crude fell below $100.