A barrel of Brent oil is traded at $ 82.69 in international markets
The barrel price of Brent oil, which rose to 83.59 dollars yesterday, completed the day at 82.66 dollars. The barrel price of Brent oil increased by 0.03 percent compared to the closing as of 09.51 today, reaching 82.69 dollars. In the same minutes, West Texas (WTI) crude oil was traded at $ 76.69 a barrel.
Oil prices are mixed as the decline in US crude oil stocks and positive expectations for China’s demand offset concerns that the increase in US interest rates will slow economic growth and reduce oil consumption.
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The US Energy Information Administration (EIA) announced that commercial crude oil stocks in the country decreased by about 1 million 700 thousand barrels last week to 478 million 500 thousand barrels. In the said period, US gasoline stocks fell by 1 million 100 thousand barrels to 238 million 100 thousand barrels.
The decline in the country’s crude oil and gasoline stocks supported prices by creating the perception that demand remained high.
However, US Federal Reserve (Fed) Chairman Jerome Powell stated yesterday that they have not made any decision about the bank’s meeting to be held on March 21-22 and that the data to be announced will be analyzed.
Powell reiterated that they are ready to increase the pace of interest rate hikes if all of the data show that faster tightening is necessary, “I emphasize that there is no decision taken on this issue.”
According to reports in the international press, Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Heysem el-Gays announced that they expect oil demand in China, the world’s largest oil importer, to increase by 500 thousand to 600 thousand barrels per day this year compared to last year.
It is emphasized that technically, the range of 82.71 to 82.79 dollars can be followed as resistance and the range of 82.59 to 82.55 dollars as support zone in Brent oil.