Brent oil price per barrel is $111.16

The barrel price of Brent oil, which rose to 111 dollars yesterday, completed the day at 110.14 dollars. The barrel price of Brent oil became 111.16 dollars, with an increase of 0.92 percent compared to the closing date at 08:40 today. At the same time, West Texas Intermediate (WTI) crude oil found buyers at $108.47 a barrel.

The European Union Commission's new sanction proposal, including the prohibition of oil imports from Russia, was effective in the rise in prices.

EU Commission President Ursula von der Leyen, in her speech at the European Parliament General Assembly, stated that it would not be easy to reduce the dependence on Russian oil, "Some member states are dependent on Russian oil. Now, we propose to ban Russian oil. This means that all sea and pipeline transported crude and There will be a complete import ban on refined Russian petroleum products." said.

Von der Leyen stated that the purchase of Russian oil will be terminated regularly and gradually by minimizing the impact on global markets, "We will phase out Russia's crude oil supply within 6 months and the refined product supply by the end of the year." he said.

After the announcement, the barrel price of Brent oil, which increased by 4 percent yesterday, continued to rise today. Experts assess that the EU's move could be a "game changer" for the oil markets, while they think that the Union will have difficulty in finding alternative supply sources in a very limited time in a period when energy prices are rising.

Markets focus on OPEC meeting
The increase in the commercial crude oil stocks of the USA last week, on the other hand, creates the perception that the demand is low and limits the upward movement of prices.

According to data from the US Energy Information Administration, commercial crude oil stocks in the country increased by 1 million 300 thousand barrels (0.3 percent) last week to approximately 415 million 700 thousand barrels. The market expectation was that inventories would decrease by approximately 1 million 167 thousand barrels.

In the said period, the gasoline stocks of the USA decreased by 2 million 200 thousand barrels (1 percent) to 228 million 600 thousand barrels.

On the other hand, the markets focused on the meeting of the Organization of Petroleum Exporting Countries (OPEC) and OPEC+ group, which consists of some non-OPEC producer countries, to be held today. The group is expected to continue its plan of gradual production increase of 400 thousand barrels per day in June as well.

It is stated that technically, the range of 111.96 and 112.59 dollars in Brent oil can be followed as a resistance and the range of 109.02 and 108.18 dollars as a support zone.