Upward Movement in Brent Petrol

This morning, the price of Brent oil per barrel decreased to the level of 117.55 dollars, and then again showed an upward movement towards the 120-dollar limit.

Although the EU countries could not come to an agreement to prevent oil purchases from Russia after the Russia-Ukraine war and the statements that the US and its allies considered releasing more oil from their strategic stocks gave some relief, the upward momentum in oil prices continues.

Although the heavy sanctions imposed on Russia for the invasion of Ukraine do not yet cover the energy sector, the fact that Russia's energy supply has reached a level that will affect negatively and the concerns that the withdrawal of foreign companies serving the oil fields may hinder Russia's production cause prices to be high.

The price of Brent oil for May delivery on ICE, after falling to the level of 117.55 dollars this morning, is currently at 119.29 dollars, an increase of 26 cents compared to yesterday. On the NYMEX, West Texas oil for May delivery is also trading at $112.42/barrel, up 8 cents. Analysts indicate that there may be a pullback in Brent oil to the level of $113/barrel while pointing to the dollar/barrel as resistance in the upward movements.