Brent oil price per barrel is $108.22

The barrel price of Brent oil, which rose to $ 109 yesterday, completed the day at $ 106.8. The barrel price of Brent oil was $108.22, an increase of 1.33 percent compared to the closing date as of 09:49 today. In the same minutes, a barrel of West Texas type crude oil found buyers at 103.50 dollars.

Increasing supply concerns in global oil markets were effective in the rise 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.

European Union (EU) Council President Charles Michel said at a joint press conference with Ukrainian President Vladimir Zelenskiy yesterday that he is confident that the EU will implement the oil and gas embargo against Russia "sooner or later".

German Foreign Minister Annalena Baerbock said during her visit to the Baltic countries that Germany would stop oil imports from Russia until the end of the year.

The interrupted oil production and exports in Libya also increase supply concerns in the markets.

The Libyan National Petroleum Corporation declared force majeure at the Sharara and Fil oil fields in the south of the country and the Zeytuna and Brega ports in the east, on April 17-18, and stopped production and exports.

Libyan Prime Minister Abdulhamid Dibeybe, in his speech published on his social media account yesterday, said that the cost of closing important oil production fields and ports in the country is 60 million dollars per day.

Contrary to the expectations, the decline in the commercial crude oil stocks of the USA pointed to the recovery in demand in the country and supported the rise in prices.

Commercial crude oil inventories in the country fell by 8 million last week, according to data from the US Energy Information Administration. The market expectation was that inventories would increase by 2.5 million. In the said period, US gasoline stocks decreased by 800 thousand barrels.

On the other hand, Kazakhstan Energy Minister Bolat Akçulakov stated yesterday that the Black Sea terminal of the Caspian Pipeline Consortium, whose oil shipments stopped because it was damaged in the storm last month, may return to full capacity this week.

Experts noted that this development will alleviate the supply concerns in the markets due to Libya.

It is stated that technically, the range of 108.67 and 109.42 dollars in Brent oil can be followed as resistance, and the range of 107.92 and 107.17 dollars as a support zone.