Brent Oil Hovered Above $88 a Barrel
Brent oil hovered above $88 a barrel on January 28. Today, Brent oil is priced at $88.68 a barrel in global markets.
Brent oil, which went up to $ 91.04 yesterday, closed the day at $ 88.17. Brent oil, which increased by 0.6 percent compared to the closing at 09:34 am today, is trading at $ 88.68 a barrel. At the same time, West Texas Intermediate (WTI) crude oil was traded at $87.17 a barrel.
Concerns about the deepening of the supply contraction in the markets due to geopolitical risks play a role in the increase in oil prices.
The ongoing Russia-Ukraine crisis has spread the idea that Europe’s gas supply may be endangered in response to possible sanctions against Russia.
US Department of Defense Spokesperson John Kirby announced that Russia has increased its military build-up in the regions close to the Ukrainian border and in Belarus in the last 24 hours.
Experts predict that the OPEC group will remain loyal to its current production policy in March, but the contraction in supply will continue in the face of increasing demand.