The barrel price of Brent oil, which rose to $ 112.39 on Thursday last week, completed the day at $ 111.70. The barrel price of Brent oil was 111.93 dollars, an increase of 0.21 percent compared to the closing date as of 10.05 today. At the same time, West Texas type crude oil found buyers at $106.56 a barrel.
Increasing supply concerns in the global oil markets were effective in the volatility in prices.
Due to the Russia-Ukraine War, the possibility of Western countries to impose more severe sanctions on Russia, the leading oil exporter, remains on the agenda.
Josep Borrell, High Representative of the European Union for Foreign Relations and Security Policy, stated in a statement last week that all kinds of steps, including sanctions against Russian oil and natural gas, are on their agenda.
In its latest oil report, the International Energy Agency (IEA) pointed out that the supply gap, which is caused by the sanctions imposed on Russia due to the ongoing war in Ukraine and the rejection of Russian oil by some oil companies, is also growing. The IEA predicted that the amount of Russian oil withdrawn from the market as of May will be around 3 million barrels per day.
The cessation of production and exports in the oil fields in the south of Libya also increased the supply concerns in the markets. The Libyan National Petroleum Corporation announced yesterday that production stopped due to "force majeure" in the El-Fil Oil Field in the south of the country.
On the other hand, with the closure announced on March 28 in Shanghai, the largest city of China, against the Kovid-19 epidemic, negative production signals from Asian economies continue to suppress prices.
Although the closure, which was implemented due to increasing cases in the city, has been gradually eased, the curfew continues in most of the city.
It is stated that technically, the range of 112.40 to 113.43 dollars in Brent oil can be followed as a resistance and the range of 111.37 to 110.34 dollars as a support zone.
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