Brent Oil Dropped Below $100

Brent oil fell below $100 for the first time since March 1st. According to reports, Brent oil has lost more than 7% of its value. The decline in oil markets has approached 20 percent since seeing its peak in the last 14 years. It is stated that reasons such as the rise of Omicron cases in China and the progress in the ceasefire talks between Russia and Ukraine caused this decline.

The price of Brent oil fell below $100 again after a 15-day break. It is stated that there has been a rapid cooling after the surprising developments in the oil market. While the disruptions in Russian oil supply caused the tightening of the market today, OPEC and other producers acted quickly and made statements expressing that there would be no problem in supply.

The growing micron cases in China's largest cities and economic regions are a serious obstacle to the country's zero-case strategy. These days, the Chinese administration aims to keep the economy alive by giving more support to the country's financial structure and recording a lower value for the yuan.

"The news feed is impacting commodity markets," said Daniel Hynes, strategist at Australia & New Zealand Banking Group Ltd., adding, "This could put oil prices under increasing pressure, but this does not reflect the basic picture that emerges as Russian oil is increasingly isolated."

Surgutneftegas PJSC offers financial flexibility options to continue selling oil, while India aims to realize a payment system using local currencies.

West Texas Oil for April delivery fell 4.1 percent to $98.76 on the Nymex market. Brent oil for May delivery fell 4.1 percent to $102.57 on the London ICE Futures Europe market. Brent oil, which is following the downward trend today, has fallen below $100 for the first time since March 1.