Brent Oil Reached Above $109 a Barrel

Brent oil reached above $109 a barrel on March 2. Today, Brent oil is priced at $109.50 a barrel in global markets.

Brent oil, which went up to $ 107.67 yesterday, closed the day at $ 104.97. Brent oil, which increased by 4.3 percent compared to the closing at 09:06 today, is trading at $ 109.50 a barrel. At the same time, West Texas Intermediate (WTI) crude oil was traded at $108.02 a barrel. The rise in oil prices is due to the Russia-Ukraine war and the fact that geopolitical risks increased the concerns of supply shrinkage and countries started to look for alternative sources. White House Spokesperson Jen Psaki announced that 30 million barrels of the US strategic oil reserve will be made available as part of the International Energy Agency's (IEA) decision to open 60 million barrels of oil as part of the emergency reserve. Psaki stated that IEA member countries will continue to monitor the markets and that more oil will be considered if necessary. According to the forecast of the American Petroleum Institute, the country's commercial crude oil stocks decreased by 6 million 100 thousand barrels last week compared to the previous week. The market expectation was that inventories would increase by 2 million 796 thousand barrels. Official oil stock data from the U.S. Energy Information Administration will be released today. On the other hand, markets focused on the meeting of the OPEC+ group to be held today. The group is expected to continue its plan of gradual production increase of 400 thousand barrels per day in April as well. It is stated that the range of 109.99 and 110.43 dollars can be followed as resistance, and the range of 109.30 and 109.05 dollars as support in Brent oil.