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The price of a barrel of Brent oil exceeded $ 69

A barrel of Brent oil exceeded $ 69 in international markets with the impact of the decision of the OPEC + group, which is made up of the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producing countries, to continue with the cut of current production in April. .

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A barrel of Brent oil, which completed the day yesterday at $ 66.74, was quoted at $ 69.57 with an increase of 4.24 percent compared to the close of 21.35 today. During the same minutes, a barrel of West Texas type crude (WTI) found buyers at $ 66.33. Therefore, the price of a barrel of Brent oil has experienced the highest level since January 2020, while the price of a barrel of WTI crude oil has experienced the highest level since April 2019.

At the 14th Ministerial Meeting, where 13 OPEC members led by Saudi Arabia and 10 non-OPEC oil producing countries led by Russia gathered yesterday, the group decided to extend the current production cuts for one more month and accelerate upward from oil prices. keep going.

At the meeting in question, it was agreed that Russia and Kazakhstan would increase oil production in February and March for seasonal reasons, while other member countries decided to maintain their current production levels.

Saudi Arabia, on the other hand, has decided to continue its voluntary additional production cut of 1 million barrels a day next month.

Additionally, the unemployment rate in the US, the world’s largest consumer of oil, declined by 0.1 percentage point to 6.2 percent in February, supporting the rise in prices. The unemployment rate, which showed a slight decrease in this period, was expected to remain unchanged.

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