How much was Brent oil price? (May 8, 2023 oil prices)
Brent oilHow many dollars?
Brent oil is trading at $75.83 a barrel in international markets.
The barrel price of Brent oil, which rose to $ 75.75 on Friday, closed the day at $ 75.30. As of 09:46, the price of Brent oil per barrel increased by 0.7 percent compared to the closing date and became 75.83 dollars. In the same minutes, West Texas type (WTI) crude oil found buyers at $71.91 a barrel.
The rise in prices was due to the labor market data released in the USA on Friday, reducing the recession concerns.
According to the data released on Friday, non-farm employment in the USA increased by 253 thousand people in April, exceeding expectations, while the unemployment rate decreased from 3.5 percent to 3.4 percent. While the data resolved the recession concerns in the country, the expectations that the US Federal Reserve (Fed) would keep the policy rate at this level for a while remained strong.
Concerns that the US banking crisis will slow the economy and reduce fuel demand in the world’s largest oil consumer caused a decrease of about 5 percent in Brent crude oil and 7 percent in WTI crude oil last week.
The strong data from the US, the weak dollar and the forecasts that major oil producers may cut supply at their next meeting continue to support prices.
The decline in the dollar index, which measures the value of the US dollar against other currencies, makes dollar-denominated oil cheaper for buyers using other currencies. This supports the increase in purchases and causes prices to rise.
On the other hand, the next meeting of the OPEC+ group, which consists of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, will be closely followed in the markets.
The OPEC+ group led by Saudi Arabia and Russia, at the 48th Joint Ministerial Monitoring Committee Meeting, decided to make voluntary cuts of approximately 1.6 million barrels per day as of May, in addition to the 2 million barrels per day production cut that has continued since October. had confirmed.
It is stated that technically, the range of $ 75.87 to $ 75.94 in Brent oil can be followed as resistance and the range of $ 75.70 to 75.60 as support.
It is oil that drives the world oil market. Also known as London Brent or Brent Blend. Named “Brent Goose” by the issuing company Shell, it contains 0.37% sulfur, which makes Brent Petroleum in the “sweet oil” class, which is easier to process.
It is easier for refineries that process crude oil to produce gasoline or diesel fuel from low-sulphur, that is, sweet oil. Oil extracted from this region is sweet and light. Therefore, it is easy to refine and therefore suitable for the production of gasoline and diesel fuel. It also facilitates shipping directly to remote areas by sea as it is shipped off the sea.
For the price of oil, it is important where it comes from and from which region it is extracted. The cheaper and faster production is more demanded. There is also a difference between the price of oil extracted from the sea and oil extracted from land.
According to the data on the CMB’s website; One barrel of oil is equivalent to 42 gallons of crude oil (159 liters).
19.6 gallons of gasoline, 10 gallons of diesel fuel and heater fuel, 4 gallons of jet fuel, 1.7 gallons of heavy fuel oil, 1.7 gallons of LPG and 7.6 gallons of other derivatives can be produced from a barrel of crude oil.
Not all crude oils are equivalent.