The barrel price of Brent oil, which rose to 109.59 dollars on Friday, completed the day at 107.93 dollars. The barrel price of Brent oil was $111.50, with an increase of 3.31 percent compared to the closing date at 09:29 today. In the same minutes, a barrel of West Texas type crude oil found buyers at 106.82 dollars.
Supply concerns caused by the Russia-Ukraine War and the attacks on Saudi Arabian oil facilities were effective in the rise in prices.
Diplomatic and sanctions steps regarding the Russia-Ukraine War, especially the USA, remain at the center of the agenda. US President Joe Biden will go to Brussels on Wednesday with the agenda of the Russia-Ukraine war. Biden will attend the NATO summit, the G7 summit and the Council of Europe summit on Thursday, and will then pay a visit to Poland.
It is estimated that these talks will increase the concerns that the sanctions against Russia may be expanded and that there may be a shortage of oil supply.
On the other hand, attacks on Saudi Arabian oil facilities with explosive-laden unmanned aerial vehicles (UAVs) also increased supply concerns and supported the upward trend of prices.
Turki al-Maliki, the spokesperson of the Arab Coalition, which supports the government forces in Yemen, announced that a ballistic missile had been shot down with 9 UAVs sent by the Houthis to the south of Saudi Arabia.
The Saudi Arabian official agency SPA, citing the Ministry of Energy officials, reported that the Iranian-backed Houthis carried out a drone attack on the petroleum products distribution station in Cazan on Saturday night, and the Yanbu Natural Gas Power Plant and then the Yanbu Aramco Sinopec Refinery Company on Sunday morning.
Ministry officials stated that the attack caused a temporary decrease in the refinery's production level and that this deficit would be compensated with inventories.
Number of Kovid-19 cases in China raises demand concerns
The fact that the number of daily Kovid-19 cases in China, the world's second largest oil consumer, is at the same level as the days when the epidemic was felt most intensely at the beginning of 2020, also increases demand concerns in the markets and suppresses the rise in prices.
In China, where the first cases were seen in the Kovid-19 epidemic, after more than a year, the first loss of life due to the virus was experienced.
It is stated that technically, the range of 111.80 to 114.09 dollars in Brent oil can be viewed as resistance, and the range of 109.51 to 107.22 dollars as a support zone.
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