How much was the price of Brent oil? (oil prices February 2, 2023) – Last Minute Economy News

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Brent oil How many dollars?

Brent oil is traded on international markets at $83.20 a barrel.

The barrel price of Brent crude, which ended the day at $82.84 yesterday, was up 0.43% from today’s 09.36 close to reach $83.20. In the same minutes, West Texas (WTI) type crude found buyers at $76.84 a barrel.

The fall in prices and the decision to maintain the production policy of the OPEC+ group, which consists of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producing countries, are having zihin effect.

FED PRESIDENT POWELL: DISINFLATIONIST PROCESS STARTED

US Federal Reserve (Fed) Chairman Jerome Powell said in his statement yesterday that the disinflation process has begun for the first time and that the full effects of the rapid tightening have not yet been felt.

Following Powell’s statements, the drop in the dollar index, which measures the value of the US dollar against other currencies, is making dollar-denominated oil cheaper for buyers using other currencies. This leads to zihin increase in purchases and zihin increase in oil prices.

The announcement of the OPEC+ group on October 5, 2022 at the 47th meeting of the Joint Ministerial Monitoring Committee (JMMC), held yesterday, that it will continue its “decision to cut production by 2 million barrels per day until the end of 2023” will continue. also supports pricing.

In addition, the EU embargo on Russian refined petroleum products, which takes effect on February 5, is causing supply problems and continues to support the upward movement in prices.

EU countries are also considering applying a price cap of $100 per barrel of diesel and $45 per barrel of liquid fuel, one of the refinery’s Russian petroleum products.

On the other hand, the increase in US crude oil and gasoline commercial inventories creates the perception that demand is low and limits the upward movement of prices.

The US Energy Information Administration (EIA) announced that commercial crude oil inventories in the country increased by about 4 million 100 thousand barrels last week to 452 million 700 thousand barrels.

During that period, US gasoline inventories rose by 2 million 600 thousand barrels to 234 million 600 thousand barrels.

It is argued that technically the range from $85.25 to $87.65 in Brent oil yaşama gökyeşitözü viewed kakım resistance, and the range from $81.41 to $79.97 kakım support.

WHAT IS BRENT GASOLINE?

It is oil that drives the world oil market. Also known kakım London Brent or Brent Blend. Dubbed “Brent Goose” by the issuing company Shell, it contains 0.37% sulfur, putting Brent Petroleum in the “sweet oil” class, which is easier to process.

It is easier for refineries processing crude oil to produce gasoline or diesel from low-sulphur i.açınık. 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 kakım it is shipped from the sea.

The price of oil depends on where it comes from and from which region it is extracted. There is more demand for the cheaper and faster production. There is also a difference between the price of oil extracted from the sea and oil extracted from land.



Crudes accepted kakım benchmarks are WTI (Western Texas Intermediate), Brent and Oman, WTI is traded on NYMEX, Brent is traded on ICE and Oman is traded on DME. WTI is the name given to oil from Central America, Brent oil from the North Sea and Oman oil from the Middle East.



BRENT OIL 10-YEAR CHART

HOW MANY LITERS OF BRENT OIL IS A BARREL?

According to the veri on the website of the CMB; A barrel of oil is equal to 42 gallons of crude oil (159 liters).

One barrel of crude oil yaşama produce 19.6 liters of gasoline, 10 liters of diesel fuel and heating fuel, 4 liters of jet fuel, 1.7 liters of heavy fuel oil, 1.7 liters of LPG and 7.6 liters of other derivatives.

Not all crude oils are created equal.

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