How much was Brent oil price? (April 4, 2023 oil prices) – Last Minute Economy News
Brent petrol How many dollars?
Brent oil is trading at $85.42 a barrel in international markets.
The barrel price of Brent oil, which rose to $ 86.04 yesterday, completed the day at $ 84.93. The barrel price of Brent oil was $85.42 as of 09:46, an increase of 0.58 percent compared to the closing date. At the same time, West Texas Intermediate (WTI) crude oil found buyers at $80.91 a barrel.
The new production cut decision taken by the members of the OPEC+ group, which consists of Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, continues to be effective in the rise in prices.
On Sunday, 9 countries, mainly Saudi Arabia and Russia, voluntarily decided to reduce oil production by approximately 1.6 million barrels a day as of May.
The group, which came together at the 48th Joint Ministerial Monitoring Committee (JMMC) Meeting held online yesterday, noted that the decision in question is a precautionary measure aimed at supporting stability in the oil market.
Russian Deputy Prime Minister Aleksandr Novak also made a statement to the Russian state channel Rossiya-24 yesterday, pointing out that there are 23 countries in the OPEC+ group, and that other countries may decide to voluntarily reduce their oil production if necessary.
Experts state that the concerns about the contraction in supply are increasing when the expected demand recovery in China, where the Kovid-19 measures have been lifted, is taken into account.
On the other hand, rising oil prices after the decision to cut production led to a renewed concern in the markets that the fight against inflation might be interrupted.
Yesterday Louis Fed President James Bullard, in a statement to a private television channel, stated that the increase in oil prices made the task of reducing inflation even more difficult for now, and that it is not yet known whether this situation will have a long-term effect.
US Treasury Secretary Janet Yellen also described the OPEC+ group’s decision to cut production as «a very unconstructive move» and said it was not positive for global growth.
Pointing out that the OPEC+ group’s move will not help reduce inflation, Yellen stated that it increased the uncertainty and the burden on the consumer at a time when inflation was already high.
Experts point out that the rise in oil prices poses a new threat to the global economy, which is already struggling with interest rate hikes and the latest banking sector problems.
In the macroeconomic data released in the USA and Europe, the signs of a slowdown in economic activity continued to get stronger.
It is stated that technically, the range of $85.58 to $86.22 in Brent oil can be viewed as resistance, and the range of $84.94 to $84.30 as support.
WHAT IS BRENT PETROL?
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.
10-YEAR GRAPH OF BRENT OIL /AAHOW MANY LITERS OF BRENT OIL IS A BARREL?
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.
IS THE GLOBAL OIL CRISIS REPEAT? / VIDEO NEWS
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The current price of Brent petrol is $85.42 per barrel in international markets. This is due to the new production cut decision taken by the members of the OPEC+ group, which is aimed at supporting stability in the oil market. However, rising oil prices after the decision to cut production have led to renewed concerns in the markets about inflation and the global economy. Brent oil is a sweet and light oil that is easier for refineries to process and suitable for the production of gasoline and diesel fuel. One barrel of oil is equivalent to 42 gallons or 159 liters.
