Brent Oil Hovered Above $89 a Barrel

Brent oil hovered above $89 a barrel on February 1. Today, Brent oil is priced at $89.50 a barrel in global markets.

Brent oil, which went up to $ 91.48 yesterday, closed the day at $ 89.26. Brent oil, which increased by 0.27 percent compared to the closing at 09:25 today, is trading at $ 89.50 a barrel. At the same time, West Texas (WTI) crude oil was traded at $88.43 a barrel. The ongoing geopolitical tensions in Eastern Europe and the Middle East and the concerns that the supply contraction in the markets would deepen due to the post-pandemic demand recovery played a role in the increase in oil prices. Uncertainty in the markets before the meeting of the OPEC+ group tomorrow, where the production policy for March will be determined, also supports the upward movement of prices. Experts predict that OPEC+ countries, which could not reach the targeted production quotas, will stick to their current production policy in March and the contraction in supply will continue in the face of increasing demand. In technical terms, it was stated that the range of $89.73 to $90.17 can be viewed as resistance, and the range of $89.29 to 88.85 dollars can be viewed as support in Brent oil.