Brent Oil Hovered Above $97 a Barrel

Brent oil hovered above $97 a barrel on February 25. Today, in global markets, Brent oil is priced at $ 97.42 a barrel.

Brent oil, which went up to $102.23 yesterday, closed the day at $95.42. Today, at 09:22, the barrel of Brent oil, which increased by 2.10 percent compared to the closing, is trading at $ 97.42. At the same time, West Texas Intermediate (WTI) crude oil was traded at $94.52 a barrel. Oil prices hit their highest levels since 2014 yesterday as concerns about the potential contraction in supply after Russia's military intervention in Ukraine increased. While the upward trend in prices continues with the effect of increasing geopolitical risks, experts noted that oil markets are vulnerable to supply shocks as global oil inventories are at their lowest level in seven years. The U.S. Energy Information Administration (EIA) announced that commercial crude oil inventories in the country rose 4.5 million barrels last week to approximately 416 million barrels. The market expectation was that inventories would increase by 767 thousand barrels. While the increase in the commercial crude oil stocks of the USA, the world's largest oil consumer, led to the perception that the demand in the country was low, the effect of this situation on oil prices was limited. It was stated that the range of $ 97.65 to $ 98.03 can be viewed as resistance, and the range of $ 97.27 to 96.89 dollars can be viewed as support in Brent oil.