How much was the price of Brent crude oil? (Oil price on March 9, 2022)

After the US embargo on Russian oil Rising oil prices continue.

Barrel prices for Brent crude are above $ 130 in the international market due to supply concerns caused by the war between Russia and Ukraine and energy sanctions imposed on Russia by some countries, especially the United States.

The barrel price of Brent crude, which rose to $ 133.15 yesterday, ended the day at $ 127.98. The barrel price of Brent crude rose to $ 131.12 at 09:57, up 2.45 percent compared to the closing price. In the same minute, West Texas type crude oil found a buyer for $ 126.16 a barrel.

Since the start of the war between Russia and Ukraine, more than 35 percent rise has been observed in oil prices. Since the beginning of the year, oil price premiums have exceeded 60 percent.

Biden announces embargo decision

US President Joe Biden announced yesterday that the United States has banned the import of oil, liquefied natural gas (LNG) and coal from Russia.

The White House statement states that the United States is also banned from making new investments in Russia’s energy sector, and Americans cannot fund or promote foreign companies investing in energy production in Russia. Was done.

Britain to end Russian oil imports

UK Labor and Energy Industry Strategy Minister Kwasi Kwaten announced on Twitter that his country will phase out Russia’s oil and petroleum product imports by the end of this year.

Britain’s Prime Minister Boris Johnson also announced on Twitter that this year the UK will break away from Russia’s dependence on oil and expand its heavy international economic sanctions package.

The Japanese government, which has expanded its economic sanctions package with the Russian and Belarusian governments, has also stopped exporting oil refineries to Russia.

Shell announced yesterday that it will gradually withdraw its participation in all Russian hydrocarbons, including crude oil, petroleum products, natural gas and LNG.

The company said it would stop all spot purchases of Russian crude oil as a first step and close its service stations, aviation fuel and lubricant businesses in Russia.

“We can face the most important oil supply stress.”

Bjornner Tonhausen, director of oil markets at Ristad Energy, an independent Norwegian-based research institute, said the ban would have a limited impact on U.S. oil supply, but would make Russia’s oil trade more difficult. He said oil prices have risen because of the possibility. You can follow the same path.

Tonhaugen said market volatility is the opposite of the price collapse caused by the 2020 epidemic, as deepening supply concerns raise prices.

“Russia exports about 4.8 million barrels of crude oil per day,” said Tonhausen. “1.4 million barrels of oil produced in former Soviet countries, especially Kazakhstan, are exported through Russia.

The United States imported only 200,000 barrels of crude oil per day from Russia last year, compared to less than half that in the United Kingdom. The United States imports about 500,000 barrels of petroleum products per day from Russia for refineries. “This is no longer possible and refineries will have to procure raw materials from elsewhere,” he said.

Tonhaugen points out that OPEC + Group has a reserve crude oil capacity of about 4 million barrels per day, but production is not yet expected to increase. You may face the problem of. ” An important oil supply problem since the 1990 Gulf War. “

Technically, it is stated that the $ 131.96 and $ 134.58 ranges of Brent crude can be tracked as resistance and the $ 129.34 and $ 126.72 range as support.

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