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What was the price of Brent oil? (July 7, 2022 oil prices)

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Brent oil How many dollars?

Fears that rising energy prices could trigger a recession has led to sharp falls in oil prices. The price per barrel of US-grade crude oil has fallen by more than 9% since the beginning of the week. Brent crude oil also fell below $ 100 for the first time in 3 months.

barrel of Brent oil It is trading at $ 105.38 in international markets.

The price per barrel of Brent crude, which rose yesterday to $ 105.85, completed the day at $ 100.69. At 09.31 the price of a barrel of Brent oil increased by 0.3 percent from the closing date to $ 100.98. In the same minutes, West Texas (WTI) crude oil found buyers at $ 98.81 a barrel.

Despite the expectation that the risk of recession will reduce demand, concerns over the ongoing global supply contraction have impacted the rise in Brent oil prices, which fell below $ 100 for the first time since April 25. .

The US administration’s announcement that it has added an international network of individuals and organizations to its sanctions list for helping Iran sell oil and petrochemicals to East Asia also supported supply concerns.

In a statement released by the U.S. Treasury Department, it was alleged that a network of Gulf-based shell companies was used to facilitate the delivery and sale of hundreds of millions of dollars worth of petroleum and petrochemical products. from Iranian companies to East Asia.

Markets focused on the possible disruption of oil supply to the Caspian Pipeline Consortium (CPC) pipeline, which was asked by a Russian court to suspend its operations for 30 days.

The CPC pipeline, which supplies around 1% of the world’s oil supply, transports Kazakhstan oil to the Novorossiysk terminal on the Russian Black Sea coast.

PROJECTION OF INCREASE IN US OIL STOCKS

On the other hand, the American Petroleum Institute expects an increase of 3 million 825 thousand barrels in the country’s commercial crude oil inventories last week compared to the previous week. The market expectation is that inventories will decrease by approximately 1 million 110 thousand barrels.

The forecast of an increase in stocks leads to the perception that demand is low, limiting the increase in prices.

Official oil inventory data from the US Energy Information Administration will be released today.

It is stated that technically the Brent $ 101.47 and $ 101.99 range can be seen as a resistance and the $ 100.59 and $ 100.23 range 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

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