Brent Oil Prices are Rising: Surpassed 62.18 Dollars

Petrol Prices Continue to Rise

As of 09:30 today, the price of Brent crude oil has increased by 1.33 percent to 62.18 dollars per barrel. Meanwhile, West Texas Intermediate crude oil was trading at 58.31 dollars per barrel during the same period.

Price Movements in Recent Days

Yesterday, the price of Brent crude oil rose to 61.78 dollars, but closed the day at 61.36 dollars. These fluctuations draw attention due to ongoing uncertainties in the market and concerns about supply.

Effects of the Ukraine Crisis on the Oil Market

The rise in oil prices has been significantly influenced by the cancellation of the US-Russia summit related to the Ukraine war. Moscow's negative stance towards ceasefire calls has increased market perceptions that conflicts will not end in the near future. Additionally, according to data provided by the American Petroleum Institute (API), commercial crude oil stocks in the US decreased by 2.98 million barrels in the week of October 18. This decline follows a recorded increase of 3.5 million barrels in the previous week.

Political Developments and Market Effects

The indefinite postponement of a summit planned between US President Donald Trump and Russian President Vladimir Putin is one of the significant developments in this process. Trump stated that the talks would be a "waste of time", which has increased uncertainty in the markets. The prolongation of the war also raises the possibility of new cuts in oil supply.

Technical Analysis and Outlook

Technically, a resistance level of 66.63 dollars and a support zone of 57.56 dollars are being monitored for Brent crude. These developments in the markets may prompt investors to reassess their strategies.