While the recovery in global oil demand continued, expectations for a tighter supply were effective in the rise in oil prices.
Tensions between Russia and Ukraine and geopolitical tensions in the Middle East were also among the factors that pushed oil prices up.
OVER $90 FOR THE FIRST TIME SINCE 2014
The barrel price of West Texas-type crude oil rose more than 2 percent to over $90. Thus, the barrel of crude oil in the USA rose above $ 90 for the first time since October 2014.
The barrel price of crude oil in the USA had experienced a sharp rally with the recovery in demand, after seeing historical lows in April 2020 due to the impact of the coronavirus epidemic. West Texas Intermediate futures traded below zero for the first time in April 2020.
BRENT PETROL IS AT $91 LEVELS
The barrel price of Brent oil, which is accepted as an international standard, has increased by nearly 2 percent and reached the level of 91 dollars.
The price of Brent oil per barrel reached $90 for the first time since 2014 on January 26, as tensions between Russia and Ukraine escalated.
The OPEC + group, which consists of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, decided to continue the gradual production increase plan of 400 thousand barrels per day on February 2, in March as well.
Analysts stated that despite the oil demand, which continues to rise with the effect of the global economic recovery, the group's continuing its current policy and failing to reach its previous production targets reinforces the ongoing concerns about the contraction in the markets.
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