ADVERTISEMENT

Business

How much was the price of Brent oil? (July 1, 2022 oil prices)

ADVERTISEMENT

Brent oil How many dollars?

Negative prices continued immediately after the OPEC + meeting on oil markets.

While US crude oil fell below $ 106, Brent oil also fell below $ 110.

barrel of Brent oil It is trading at $ 108.63 in international markets.

The price per barrel of Brent crude, which rose to 113.25 dollars yesterday, completed the day at 109.03 dollars. The price per barrel of Brent crude oil was $ 108.63, down 0.37 percent from the closing date of 09:40 today. At the same time, West Texas Intermediate (WTI) crude oil found buyers at $ 105.16 a barrel.

Concerns about a decrease in demand due to the global economic downturn have been effective in lowering prices.

The macroeconomic data announced yesterday in the US, the world’s largest producer and consumer of oil, increased fears of recession, especially for the country’s economy.

Despite concerns about the contraction in supply, oil prices entered a downward trend as concerns about the global economy prevailed in the markets.

The OPEC + group, made up of the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producing countries, decided to increase oil production by 648,000 barrels per day in August, adhering to the current increase in production.

Experts noted that with the increase in question, the group has returned to pre-epidemic production levels and the current focus of markets is whether producers with spare production capacity like Saudi Arabia will use it.

US President Joe Biden’s regional tour, which will also include Saudi Arabia in July, continues to be at the center of the markets. Energy issues are expected to be at the forefront of the visit due to rising fuel prices.

It is stated that technically the Brent range of 108.80 to 109.77 dollars can be followed as resistance and the range of 107.83 to 106.86 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. Referred to as “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.

For refineries that process crude oil, it is easier to produce low-sulfur gasoline or diesel, i.e. sweet oil. The 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. It also facilitates direct shipping to remote areas by sea as it is shipped offshore.

For the price of oil, it matters where it comes from and which region it is extracted from. Cheaper and faster production is more in demand. There is also a difference between the price of oil extracted from the sea and that extracted from the land.

The types of crude that are accepted as benchmarks are WTI (Western Texas Intermediate), Brent and Oman, WTI oil is traded on NYMEX, Brent oil is traded on ICE, and Oman oil is traded on DME.  WTI is the name given to oil extracted from Central America, Brent oil from the North Sea and Oman oil from the Middle East.
The types of crude that are accepted as benchmarks are WTI (Western Texas Intermediate), Brent and Oman, WTI oil is traded on NYMEX, Brent oil is traded on ICE, and Oman oil is traded on DME. WTI is the name given to oil extracted from Central America, Brent oil from the North Sea and Oman oil from the Middle East.
BRENT OIL 10 YEARS OLD GRAPH
BRENT OIL 10 YEARS OLD GRAPH

HOW MANY LITERS OF BRENT OIL IS A BARREL?

According to the data on the CMB website; One barrel of oil is equivalent to 42 gallons of crude oil (159 liters).

One barrel of crude oil can produce 19.6 gallons of gasoline, 10 gallons of diesel 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.

Not all flocks are equivalent.

IS THE GLOBAL OIL CRISIS REPEATED? / VIDEO NEWS

ADVERTISEMENT

Leave a Comment