Oil stocks have returned to a stable state in the secondary market after a decline in the previous session due to the fact that the American increasing strategic reserves program provided only a negligible support amid rising risks.
Experts believe that without any new stimuli, the oil market could remain in an uncertain state.
"The lack of clarity regarding new measures for stimulating demand leaves the oil market in an entangled situation," noted the analyst.
It is expected that in the near future, significant influences on prices will be provided by the further development of the COVID-19 situation, as well as the decisions of OPEC+ and other producers regarding production volumes.
"We see some support on the horizon, but we are waiting for further signals regarding the agreements on production cuts by OPEC+," the expert added.
