A new week in the oil market. What will be in focus?

On the last trading day of September, oil quotes were under pressure, falling to the level of $92 per barrel. Despite the local decline, the month ended brought an increase in Brent quotations by 6.5%. 

During the last quarter, prices increased by 23%, mainly due to a reduction in supplies from Saudi Arabia and Russia. Improving demand prospects also provided support to the oil market, as the US Federal Reserve and other financial regulators of the world are probably approaching a peak in interest rates.

On Sunday, October 1, data on business activity indices in China from Caixin for September were published. Although the data turned out to be worse than forecasts, today they did not have a significant impact on oil prices. It is important to note that a weekend is expected in China this week, so the economic statistics of this country may temporarily go out of focus.

But the data for September from the USA and the European Union may attract the interest of investors. The speech of the head of the Fed is also expected, from which the market does not expect surprises, but will still closely monitor his speech. Data on oil reserves in the United States may also affect the dynamics of prices, given the historical lows recorded at the terminal in Cushing last week.

Data from Baker Hughes, published on Friday, indicates a continued decline in drilling activity in North America. The number of active oil drilling rigs in the United States decreased by 5 units, reaching 502 rigs. Gas installations decreased by 2 units, amounting to 116 installations. In Canada, the number of oil installations remained at 115, while gas installations increased by 1 installation, reaching 76 installations.

The current price of Brent oil is $92.69 per barrel. Futures are in the consolidation stage in the range of $92-94 per barrel. Analysts note that in the presence of short-term positive catalysts, prices may temporarily rise above this corridor and even reach the level of $ 100 per barrel.