Brent Oil Gained Value After Declining For Two Days

The decline in oil prices, which accelerated after the negotiations in Istanbul between the delegations of Russia and Ukraine, came to a halt.

The downward momentum seen in Brent oil for two days left its place to an increase. After Brent Oil exceeded $110, the expectation of a hike in gasoline and diesel prices increased. Diesel prices have been discounted as of midnight on 31 March. While the public was happy after the news of the discount, increase in Brent oil prices strengthened the possibility of a hike in gasoline and diesel fuel. Stephen Innes, Co-Founder of SPI Asset Management, stated that the oil market is tight, and that despite the expectations that the ceasefire talks and restrictions in China will be short-term, the epidemic measures will continue to maintain their importance in the market. Markets focused on Thursday's 27th Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC Ministerial Meetings. It is foreseen that the OPEC+ group will not be able to react quickly despite the contraction in supply and will continue its current production policy. Despite calls by the main consumer countries to pump more crude oil into the global market in order to close the oil gap and lower prices, the group is not responding positively.