“In the upcoming trading week, oil quotes are likely to continue weak growth in anticipation of an increase in demand from China in 2023 amid the removal of most of the anti-COVID restrictions,” the analyst said.
In his opinion, there remains "some uncertainty" in the market.
“The lifting of restrictions comes against the background of a sharp increase in the number of cases of COVID-19, which reduces expectations of an increase in demand in the first quarter of 2023, so the increase in world oil prices is not so rapid.
However, prices are still rising, despite the increase in US crude oil inventories, which have increased significantly over the past week, surpassing analysts' forecasts, ”said Chernov.
He noted that the decrease in the number of active oil and gas drilling rigs in the United States also contributes to the increase in oil prices.
In addition, the interlocutor of RT recalled that changes in the number of drilling rigs and crude oil reserves in the United States would not be published next week.
“No important macro statistics that can affect the value of the US dollar are also expected.
Therefore, we forecast weak volatility in oil quotes and trading in the benchmark Brent blend in the range of $82.75-87.00 per barrel with the highest probability of growth towards monthly highs at $87 per barrel and a subsequent slight corrective decline (bounce) of quotes from this area ", - concluded Chernov.
Earlier it became known that the price of Brent oil on the London ICE exchange rose above $84 per barrel for the first time since January 3.