The barrel price of Brent oil, which rose to $ 77.41 yesterday, completed the day at $ 74.98. As of 09:16, the barrel price of Brent oil decreased by 0.56 percent compared to the closing date and became 74.56 dollars. In the same minutes, West Texas type (WTI) crude oil found buyers at $70.53 a barrel.
The ongoing economic concerns in the world’s two largest oil consumers, the USA and China, adversely affected the demand outlook.
The ongoing debt limit crisis in the USA and uncertainties regarding monetary policies increased recession concerns.
While the news that the meeting of US President Joe Biden and congress leaders was postponed today came to the fore, it is stated that the reason for the postponement was due to the lack of preparations in the subcommittees.
International Monetary Fund (IMF) Spokesperson Julie Kozack warned that if the USA defaults, this will have serious repercussions not only for the USA but also for the global economy.
US Treasury Secretary Janet Yellen said the US’ failure to meet its debt obligations could threaten gains over the past few years and spark a global recession.
The decline in new loans to businesses in China and weak economic data released earlier in the week are also weighing on prices.
While consumer prices in the country increased below expectations in April, the downward trend in producer prices, which has been going on for 6 months, continues.
The PPI decreased by 0.5 percent compared to the previous month and by 3.6 percent on an annual basis. The CPI, which is considered the main indicator of inflation, increased by 0.1 percent annually in April, falling behind the 0.7 percent increase last month.
It is stated that technically, the range of 74.61 to 74.69 dollars in Brent oil can be viewed as a resistance and the range of 74.46 to 74.39 dollars as a support zone.