Brent price trading range on March 31 is $63.4-64.7

Oil prices declined moderately on Tuesday, March 30. The price action for Brent started out at $65.2/bbl, but dropped to $63.4 by the opening of the North American session. The market came under pressure from the resumption of shipping in the Suez Canal. Brent closed slightly higher on Tuesday, near $63.9. A late evening report from the American Petroleum Institute (API) kept a lid on prices. The report showed a 3.91 mln bbl build in crude inventories following a rise of 2.93 mln bbl a week earlier.

Oil edged slightly higher during the first half of trading on Wednesday, March 31. After reaching $64.7, the price corrected to $64.0. The trading range for Brent during the rest of the day will likely be $63.4-64.7. The medium-term range for the commodity remains unchanged at $60.3-69.6. The EIA’s weekly petroleum status report is due out at the beginning of the North American session. Market watchers expect crude stockpiles to increase by 107,000 bbl compared to a build of 1.91 mln bbl in the previous week.