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Analyst Chernov predicts Brent oil price in range of $76-80 per barrel

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According to the specialist, next week the price of Brent will most likely “continue to trade in the range of $76-80 per barrel.

In his opinion, “a powerful driver” is needed to overcome the psychological level of $80 per barrel.

“Such possible drivers may not be enough next week. The U.S. labor market data will be released on Friday. Traditionally it has a strong effect on the dollar value and consequently on the quotations of raw materials. From Monday to Wednesday next week there will be a Qingming festival in China, trading on exchanges will be closed and the weekend will reduce consumption of energy resources, which may put additional pressure on their value in world markets,” Chernov said.

He also reminded that on Wednesday, April 5, the U.S. will publish weekly data on crude oil inventories from the U.S. Department of Energy.

“Wall Street analysts are forecasting a 0.092 million barrel increase in inventories after a 7.489 million barrel decline a week earlier. Rising inventories will also put pressure on oil prices, but likely only in the short term. We project that overcoming $80/bbl Brent next week is highly unlikely in the absence of unforeseen circumstances, so we see more probability of trading in $76-80/bbl range,” the analyst concluded.

Earlier it became known that Igor Sechin, CEO of PJSC Rosneft Oil Company, and Srikanth Madhav Vai, CEO of Indian Oil Corporation Ltd. Srikanth Madhav Vaidya signed an agreement to increase fuel supplies to India.

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