Freedom Finance Global Leading Analyst Natalya Milchakova said on Friday, March 3, what factors will influence oil prices.
“Since the beginning of the outgoing week, the price of Brent oil has grown by almost 3%, showing movements in the corridor of $ 82-85 per barrel all week, although the price failed to reach the very upper limit of the corridor at $ 85,” the specialist said in an interview with R.T.
According to Milchakova, the main factor that influenced the dynamics of price growth was the expected start of a reduction in oil production by Russia by 500,000 bpd.
Next week, the determining factor for the dynamics of the price of Brent will be data on commercial oil reserves in the United States. The lower the inventory, the higher the price, the analyst said.
“In the third decade of February, an upward trend formed in the price of oil, the local resistance level for the price is at $85 per barrel, but so far Brent has not been able to overcome this level and gain a foothold above it,” Milchakova said, adding that next week the price of Brent oil is expected within $83-86 per barrel.
On the eve of the price of Brent crude on the London Stock Exchange ICE rose to $ 85 per barrel for the first time since February 16.
Earlier, on March 1, the Russian Ministry of Energy approved the procedure for monitoring prices for Russian oil supplied for export, reports NSN.
According to the document, monthly monitoring is carried out in relation to the price of Urals oil, shipped from the ports of Novorossiysk, Ust-Luga, Primorsk, and ESPO oil from Kozmino. The Ministry of Energy will monitor oil prices based on data from the St. Petersburg Commodity and Raw Materials Exchange, the Argus agency and the Federal Customs Service.
Earlier in the day, the Russian Finance Ministry reported that the average price of Urals oil in February was $49.56 per barrel, which is 1.86 times lower than in February 2022. In the first two months of last year, it was $88.89.
On February 23, Russian President Vladimir Putin signed a decree on limiting the discount on Russian Urals oil in relation to Brent. The measure was taken to calculate oil taxes. It will take effect from April 1st.
