Brent Oil Cruised Above $93 A Barrel

Brent oil cruised above $93 a barrel on February 17. Today in global markets, Brent oil is priced at $ 93.40 a barrel.

Brent oil, which went up to $ 96.07 yesterday, closed the day at $ 94.81. Today, at 09:27, the barrel of Brent oil, which decreased by 1.5 percent compared to the closing, is trading at $ 93.40. At the same time, West Texas Intermediate (WTI) crude oil was traded at $92.39 a barrel. Conflicting statements regarding the Russia-Ukraine tension and its reflection on concerns about supply contraction played a role in the decline in oil prices. US officials revealed that Russia's statement that it had withdrawn some of its troops from the Ukrainian border was not true and that Moscow had sent an additional 7,000 troops to the border. On the other hand, the increase in the commercial crude oil stocks of the USA last week also suppresses the prices with the perception that the demand is decreasing. The U.S. Energy Information Administration (EIA) announced that commercial crude oil stocks in the country increased by 1 million 100 thousand barrels (0.3 percent) to approximately 411 million 500 thousand barrels last week. The market expectation was that stocks would decrease by 1 million 800 thousand barrels. In the said period, US gasoline stocks decreased by 1 million 300 thousand barrels (0.5 percent) to 247 million 100 thousand barrels. In a statement, Claudio Galimberti, Senior Vice President of Rystad Energy, a Norway-based independent energy research organization, stated that the positive developments in the ongoing nuclear talks between the USA and Iran have calmed oil prices, he said, "Even though the final decision has not been reached yet, the news about the progress and general consensus in the talks lowers prices. " Galimberti said that if an agreement is reached, 900,000 barrels of oil per day can be supplied to the market until December this year. In technical terms, it was stated that the range of $93.84 to $94.26 can be viewed as resistance, and the range of $93.03 to $92.64 as support in Brent oil.