Rise in Crude Oil Prices and Its Effects on Turkey

Brent oil futures price, which exceeded 100 USD at the beginning of 2011, were around 110 USD until the mid-2014 and rarely exceeded 120 USD. Brent crude oil has dropped sharply since June of 2014, reaching 40 USD in August 2015 and below 30 USD in January 2016. Brent crude oil, settled in the range of 45-53 USD after this fall, was fluctuating in this range for more than a year. Brent crude oil which bottomed out with 45 USD in June of this year, has been rising since then. It has soared in the last few months and surpassed 63 USD, reaching highest level since June 2015. Over the past 6 years, West Texas Intermediate (WTI) and Dubai/Oman crude oils, other important crude oil benchmarks, have shown parallel trends.

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