Oil quotes retreat from pre-crisis highs

On Monday, March 8, while Russia was resting and celebrating, oil prices did not hold on to Friday’s highs and went down. Thus, the price of Brent fell by 2.2%, to $ 67.71 per barrel, and the price of WTI – by 2.3%, to $ 64.58 per barrel.

The news about the OPEC + decision, optimistic for the oil market, has already been taken into account in prices, and, most likely, the update of the annual highs on Friday and Monday in the market was associated with the news about the alleged attack of the Yemeni Houthi rebels on the oil facilities of Saudi Arabia – the price of Brent increased up to $ 71, and the price of WTI came close to $ 68 per barrel.

However, Bloomberg reported on Monday, citing sources in the kingdom, that the attack on Saudi Aramco facilities was successfully repelled, a mined drone launched by the Houthis was shot down and did not manage to damage the oil facilities of the Saudi state company.

It is possible that further we will see a decrease in the Brent price in the corridor of $ 66-68 per barrel as part of the correction. And for today, at the Brent price, we expect $ 66.5-68 per barrel.

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