Brent Oil Reached Above $91 a Barrel

Brent oil reached above $91 a barrel on February 4. Today, in global markets, Brent oil is priced at $ 91.41 a barrel.

Brent oil, which went up to $ 91.64 yesterday, found buyers at $ 91.11 on the day. Today, at 09:44, the barrel of Brent oil, which increased by 0,33 percent compared to the closing, is trading at $ 91.41. At the same time, West Texas Intermediate (WTI) crude oil was traded at $90.75 a barrel. The increase in oil prices was caused by the concern that the winter storm that started yesterday in the USA, the world's largest oil producer, would disrupt the supply supply. The US National Weather Service has warned that the storm will bring heavy snow, ice and extreme cold in the coming days. The ongoing geopolitical tensions in Eastern Europe and the Middle East and the negative news about oil supply reinforce the concerns that the supply contraction in the markets will deepen due to the post-pandemic demand recovery. The fact that the OPEC group, which has difficulties in reaching the determined production quotas, keeps the production increase constant also supports the rise in prices. Randall Mohammed, Managing Director of PetroIndustrial Petroleum Storage Solutions, said in a statement that there will be no real downward pressure on oil prices as long as the OPEC group keeps supply stable. Mohammed stated that oil prices are predominantly driven by supply and demand fundamentals, although geopolitical movements are influential. used the phrase. It is stated that the range of $ 91.55 to $ 91.72 can be viewed as resistance, and the range of $ 91.38 to 91.21 as support in Brent oil.