Brent Oil Reached Above $99 A Barrel

Brent oil reached above $99 a barrel on March 1. Today, Brent oil is priced at $99.52 a barrel in global markets.

Brent oil, which went up to $ 105.07 yesterday, closed at $ 97.97 a barrel. Brent oil, which recorded a 1.6 percent increase compared to the closing at 09:19 today, is trading at $ 99.52 a barrel. Increasing concerns about the decrease in supply after Russia's attack on Ukraine played a role in the rise in oil prices. While Ukraine announced that the desired result has not yet been achieved in the negotiations with Russia, President of Ukraine Volodymyr Zelenskiy stated that they will decide how the second round of negotiations will go when the Ukrainian delegation returns to Kiev. Some international oil companies announced that they would withdraw from their investments in Russia or start to stop new investments. On the other hand, the International Energy Agency (IEA) will hold an extraordinary ministerial meeting today with the agenda of the Russia-Ukraine war. IEA President Fatih Birol announced that the US Energy Minister Jennifer Granholm will chair the meeting. Noting that the effects of Russia's attack on Ukraine on oil supply will be discussed at the meeting, Birol noted that the role of IEA member countries in ensuring stability in energy markets will also be evaluated. Markets also focused on tomorrow's OPEC+ group meeting. The group is expected to continue its plan of gradual production increase of 400 thousand barrels per day in April as well. It was stated that the range of $99.71 to $100.45 can be viewed as resistance and the range of $97.15 to $96.61 as support in Brent oil.