The price of Brent crude oil is still holding near the $90 per barrel mark after the US Federal Reserve meeting. Thus, black gold is the most expensive in seven years and, according to experts, is unlikely to get cheaper in the near future.
A barrel of crude oil last cost $90 at the turn of September and October 2014. More than seven years have passed since then. Black gold began its journey to current price levels at the beginning of last December. At that time, a barrel of Brent crude was trading below $70. Oil broke the $80 mark earlier this year and has now been trading at around $90 for several days.
A slight cooling in the oil market was expected after the meeting of the Federal Reserve management, which was to confirm its previous proclamations about starting to tighten monetary policy from this March. Although Fed chief Jerome Powell confirmed the trend, there was no significant reduction in oil prices.
“The market is very erratic due to the news about the situation on the Russian-Ukrainian border. There is a lot of uncertainty about what will happen,” Phil Flynn, an analyst at Price Futures Group, told Reuters. The oil market is now looking ahead to the OPEC+ meeting scheduled for early February.