How much was Brent oil price? (March 29, 2023 oil prices) – Last Minute Economy News
Brent petrol How many dollars?
Brent oil is trading at $78.48 a barrel in international markets.
The barrel price of Brent oil, which rose to $ 79.20 yesterday, completed the day at $ 78.14. The barrel price of Brent oil was $78.48, up 0.44 percent compared to the close. West Texas Intermediate (WTI) crude oil was sold at $73.72 a barrel.
The rise in prices was driven by the uncertainty over global oil demand being replaced by supply concerns.
The takeover of the loans and deposits of Silicon Valley Bank, where the banking crisis started in the USA, by First Citizens Bank, reduced the concerns about the banking system.
The decline in the commercial crude oil stocks of the USA, the world’s largest oil consumer, supported the prices upwards with the perception that the demand was strong in the country. The American Petroleum Institute announced that the country’s crude oil stocks were forecast to decrease by 6 million 76 thousand barrels last week compared to the previous week. The market expectation was that there would be an increase of 187 thousand barrels.
Official stock data from the U.S. Energy Information Administration will be released today.
On the other hand, the news that the oil flow in the Kirkuk-Ceyhan oil pipeline stopped, caused supply-side concerns in the markets and supported the rise in prices. The oil flow was interrupted due to the lawsuit between Turkey and Iraq before the Paris-based International Chamber of Commerce Arbitration Center.
RUSSIAN OIL IS GOING TO AFRICA AND LATIN AMERICA
Speaking to the Rossiya-24 television channel yesterday, Russian Deputy Prime Minister Aleksandr Novak reported that Russian oil was sent to Central Asian, African and Latin American countries.
Novak stated that Russia is directing its oil to “friendly country” markets, adding that shipments to India increased 22 times last year, and oil exports to China increased by 8 percent.
On the other hand, even though the banking crisis that started in the USA subsided, questions about the possible effects of the crisis continue.
While the concern that the credit expansion in the country will lose power and that this situation may accelerate the process that will lead the country’s economy to recession, uncertainties regarding the future of monetary policy continue to press prices downwards.
It is stated that technically, the range of 78.55 and 78.76 dollars in Brent oil can be followed as a resistance and the range of 78.34 and 78.13 dollars as a support zone.
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 OILHOW 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 Brent oil price is currently at $78.48 per barrel in international markets. The rise in prices is being driven by supply concerns, as uncertainty over global oil demand is replaced. The recent takeover of Silicon Valley Bank’s loans and deposits by First Citizens Bank has reduced concerns about the banking system. The decline in commercial crude oil stocks in the US, the world’s largest oil consumer, has also supported prices. However, uncertainties about the future of monetary policy and questions about the possible effects of the US banking crisis continue to press prices downwards. Brent oil is a type of oil that drives the world oil market and is also known as London Brent or Brent Blend. One barrel of Brent oil is equivalent to 159 liters or 42 gallons of crude oil.
