Oil is looking for a support point

raw materials market continues in a wide range. On Monday, the Brent barrel is traded at $ 95.40 and slightly decreases. Technically, Brent on the daily schedule reflects the implementation of the growth wave to $ 97.65 and intentions to consolidate below. With the exit from the consolidation range, the purpose of the purchases will be $ 98.85. With an exit down – $ 95.75.

Investors are very carefully monitoring the news agenda from China. This is due to some softening of covid restrictions, which may be the basis for further restoration demand for oil products.

we are talking about reducing the duration of quarantine for people who are in contact with infected, as well as for those who arrived in the country. In addition, fines for airlines that brought the sick people to China were canceled. Earlier there were rumors that China was considering the possibility of a complete abandonment of quarantine restrictions by the spring of 2023. But they have not yet appeared confirmation. The support for oil is the local -resold US dollar.