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 was 111.16 dollars, an increase of 0.92 percent compared to the closing at 08:40 today. In the same minutes, a barrel of West Texas type (WTI) crude oil found buyers at $108.47.
The new sanctions proposal of the European Union Committee, including the prohibition of oil imports from Russia, was effective in the rise in prices.
EU Council Leader Ursula von der Leyen, in her speech at the General Delegation of the European Parliament, stated that it would not be easy to reduce the dependence on Russian oil, “Some member countries are dependent on Russian oil . Now, we propose to ban Russian oil. This means that all marine oil and a full import ban on crude and refined Russian oil products transported by the pipeline.” she said.
Expressing that the purchase of Russian oil will be terminated in a systematic and phased manner by minimizing its impact on global markets, von der Leyen said, “We will phase out Russia’s crude oil supply within 6 months and refined artifacts until 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. While experts assess that the EU’s attack could be a “game changer” for the oil markets, they think that the Union will have a hard time finding alternative sources of supply in a very limited time in a period when power prices are rising.
MARKETS FOCUSED ON OPEC MEETING
The increase in US commercial crude oil stocks last week creates a perception that demand is low and limits the upward movement of prices.
According to US Power Information Administration data, 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 the stocks would decrease by approximately 1 million 167 thousand barrels.
Fuel stocks of the USA in the period in question 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+ cluster, which consists of some non-OPEC producer countries, to be held today. The cluster is expected to continue its plan of gradual production increase of 400 thousand barrels per day in June as well.
In Brent oil, technically, it is stated that the range of 111.96 and 112.59 dollars can be followed as resistance, and the range of 109.02 and 108.18 dollars as the mainstay.