Brent oil barrel exceeded $ 69 in international markets with the impact of the decision of the OPEC + group, which consists of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, to continue with the current production cut in April.
Brent oil's barrel, which completed the day at $ 66.74 yesterday, was traded at $ 69.57 with an increase of 4.24 percent compared to the closing as of 21.35 today. During the same minutes, a barrel of West Texas type (WTI) crude oil found buyers at $ 66.33. Thus, the barrel price of Brent oil has seen the highest level since January 2020, while the barrel price of WTI crude oil has seen the highest level since April 2019.
At the 14th Ministerial Meeting, where 13-member OPEC led by Saudi Arabia and 10 non-OPEC oil producer countries led by Russia came together yesterday, the group decided to extend the current production cuts for another month, and the upward acceleration in oil prices continues.
In addition, the unemployment rate in the USA, the world's largest oil consumer, decreased by 0.1 percentage points to 6.2 percent in February, which also supported the rise in prices. The unemployment rate, which showed a slight decrease in this period, was expected to remain unchanged.