The barrel price of Brent oil, which rose to 82.22 dollars yesterday, completed the day at 82.15 dollars. The price per barrel of Brent oil decreased by 0.04 percent compared to the closing as of 09.54 am today and became 82.11 dollars. In the same minutes, West Texas type (WTI) crude oil was traded at $ 78.49 a barrel.
Although prices started the day with a decline, they have been highly volatile due to the economic uncertainty around the world and geopolitical risks stemming from Israel. Uncertainties regarding the demand outlook in the US, the world’s largest oil consumer, also play a role in this.
According to the official stock data released yesterday by the US Energy Information Administration (EIA), commercial crude oil stocks in the country increased by about 4 million 200 thousand barrels last week. Gasoline stocks decreased by about 2 million 200 thousand barrels.
Data showing that gasoline stocks declined despite an increase in crude oil stocks led to uncertainty in the demand outlook in the world’s largest oil consumer.
In addition, signals that individual consumption expenditures were strong despite the weaker-than-expected growth data in the US also contributed to these uncertainties.
While market players are focusing on macroeconomic data that will give clues on when the US Federal Reserve (Fed) will start cutting interest rates, analysts noted that the US economy recorded solid growth in the last quarter of last year due to strong consumer spending, but growth seems to have lost some momentum.
Analysts pointed out that the core personal consumption expenditures data to be released today, which the Fed follows as an indicator of inflation, is in the focus of investors, and that the data, which could greatly affect expectations regarding the timing of the Fed’s interest rate cut, may increase volatility in the markets.
Middle East tensions support price rally
On the other hand, the rising tension in the Middle East due to the Israeli-Palestinian conflict continues to be effective in the upward movement of prices.
At least 30 civilians were reportedly killed in the Israeli army attacks on Nusayrat and Burayj refugee camps in the central Gaza Strip.
Attacks by the Houthis in Yemen, which could impede the passage of commercial ships in the Red Sea, and counter-attacks by the US and EU countries have raised concerns that supply in the region will be disrupted, pushing prices higher.
It is stated that technically, the range of 82.16 to 82.27 dollars can be followed as resistance and the range of 81.89 to 81.73 dollars as support zone in Brent oil.
