The barrel price of Brent oil, which fell to $ 72.11 on Friday, closed the day at $ 74.44. The barrel price of Brent oil was $74.69, an increase of 0.33 percent compared to the closing date as of 09:53 today. At the same time, West Texas Intermediate (WTI) crude oil found buyers at $69.80 a barrel.
The rising geopolitical risks after the revolt of the Wagner group, founded by Yevgeniy Prigojin, against the Russian administration, and the uncertainties regarding the monetary policies of the central banks were effective in the rise in prices. However, the agreement of the parties in a short time limited the risk perception and the rise in prices.
Yesterday, the Bank of England raised the policy rate by 50 basis points to 5 percent. The Swiss National Bank raised the policy rate by 25 basis points to 1.75 percent, while the Norwegian Central Bank increased the policy rate by 50 basis points to 3.75 percent.
On the other hand, the uncertainties regarding the monetary policies of the central banks increase the concerns about a slowdown in economic growth and a decrease in oil demand, thus suppressing the upward trend in prices.
While the expectations that the US Federal Reserve (Fed) may raise interest rates twice this year are getting stronger, the intense macroeconomic data to be announced in the country this week is expected to be effective in the pricing in question.
While it is predicted that the Fed will increase the policy rate by 25 basis points with a probability of 72 percent next month, the possibility that the bank will increase the policy rate to 5.50-5.75% by the end of the year is also getting stronger.
Investors focused on the growth data to be announced in the country this week.
It is stated that technically, the range of $75.15 to $75.50 can be viewed as resistance and the range of $73.64 to $73.29 as a support zone in Brent oil.