Oil

Brent crude futures rebounded yesterday, slightly removing the accumulated oversold conditions. However, the quotes are near the lows of last year ($ 70-72 per barrel) and may still make a descent into the specified zone.

A correction in US stock indexes may put pressure on prices — the outflow of liquidity from risky assets stimulates the growth of the DXY dollar index.

Oil may have reasons for a good rebound, most likely as early as next week. We wrote about this in detail in the previous review.

News background

Sources tell Reuters that OPEC+ is hesitating in making a decision: to increase production from April, as planned, or to postpone these plans again. The reason for the doubts is the difficulties associated with assessing the current global market map, taking into account the new US sanctions against Venezuela, Iran and Russia. 

According to LSEG, oil imports to Asia decreased by 3% YoY (by 780 thousand b/d) in the first two months of the year. The reason is that sanctions are hindering Russian oil supplies to China. 

Donald Trump has once again confirmed plans to impose duties on imports from Canada and Mexico from March 4, including Canadian oil. Additional 10% duties on goods from China will come into force next week.