Brent Oil Reached Above $89 a Barrel

Brent oil reached above $89 a barrel on January 31. Today, Brent oil is priced at $89.48 a barrel in global markets.

Brent oil, which went up to $ 91.70 on Friday, closed the day at $ 88.52. Brent oil, which increased by 1.1 percent compared to the closing at 09:22 today, is trading at $ 89.48 a barrel. At the same time, West Texas Intermediate (WTI) crude oil was traded at $87.84 a barrel. At $91.70 a barrel on Friday, prices hit the highest level since October 2014. Continuing tensions in Eastern Europe and the Middle East increased concerns about supply cuts. Permanent Representative of the United States to the United Nations (UN), Linda Thomas Greenfield, promised to apply "hard pressure" to Russia at the UN Security Council, which will meet tomorrow on Ukraine. In the face of the ongoing demand recovery and supply contraction, the uncertainty in the markets before the meeting on February 2, when the OPEC+ countries will decide on the production increase in March, also supports the upward movement of prices. Experts predict that the OPEC+ group, which could not reach the previous production quotas, will remain loyal to its 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 89.57 and 89.64 dollars can be followed as resistance, and the range of 89.40 and 89.30 dollars as support in Brent oil.