New decision on gasoline from Russia!

The written statement issued by the Russian Ministry of Energy recalled that the ban was imposed on gasoline exports on September 21, due to the rise in prices in the local market.

The statement stated that thanks to the imposed ban, a surplus supply was created in the local market, and therefore it was decided to lift the ban on gasoline exports as of today.

The decision was made on September 21

The statement indicated that gasoline production and price indicators in the local market will be closely monitored, and that the gasoline export ban may be re-imposed if necessary.

The Russian government banned the export of fuel products on September 21, due to the high prices of gasoline and diesel in the country.

Oil price

The price of a barrel of Brent crude, which rose to $81.17 yesterday, ended the day at $77.42. The price of a barrel of Brent oil rose by 0.1 percent compared to today’s close at 09.33, reaching $77.50. Meanwhile, WTI crude oil was sold at $73.02 per barrel.

The search for direction continues in oil prices, which fell yesterday to their lowest levels in the past four months due to concerns about global oil demand.

Yesterday, the price of a barrel of Brent crude fell to $76.60, and the price of a barrel of West Texas Intermediate crude fell to $72.17, while profit sales by market players were effective in the partial recovery of prices.

Concerns about whether the growing signs of a slowdown in the US economy will turn into a recession remain in the markets.

October economic indicators announced in China, the world’s largest oil importer and second-largest oil consumer, reveal that post-Covid-19 recovery difficulties continue in the areas of production, consumption, investment and employment.

Developments in the US and Chinese economies are raising concerns about the outlook for global oil demand and putting downward pressure on prices.

On the other hand, the flow of news related to the Israeli-Palestinian conflict remains the focus of markets’ attention.

It is mentioned that, technically, for Brent crude, the range between $77.58 and $77.70 can be considered as resistance, and the range between $77.46 and $77.34 can be considered as a support area.