The barrel price of Brent oil, which rose to $ 76.99 yesterday, completed the day at $ 75.86. As of 09:21, the barrel price of Brent oil increased by 1.09 percent compared to the closing date and became 76.69 dollars. At the same time, West Texas Intermediate (WTI) crude oil found buyers at $72.61 a barrel.
The rise in prices was due to the increased expectations that an agreement would be reached in the negotiations on the debt limit in the USA.
While the attention in the markets is focused on debt limit negotiations, US House of Representatives Speaker Kevin McCarthy stated that an agreement in principle can be reached this weekend in the negotiations and that it can be voted in the House of Representatives next week.
Senate Majority Leader Democrat Chuck Schumer also stated that the debt limit negotiations are making progress and noted that the Senate will take action on the debt limit immediately after the House of Representatives.
The possibility of the US Federal Reserve’s (Fed) raising interest rates causes demand concerns and suppresses prices.
Dallas Fed President Lorie Logan said current data do not yet indicate that it would be appropriate to stop the rate hike in June.
Emphasizing that inflation is very high and it is very important to restore price stability, Logan said that the Fed has not yet made the necessary progress on inflation. Logan stressed that he is still concerned about whether inflation is falling fast enough.
st. Louis Fed President James Bullard also noted that he supports further raising interest rates as an “insurance” against inflation. Bullard stated that he expected disinflation, but that it was slower than he wanted.
It is stated that technically, the range of 76.76 to 77.58 dollars in Brent oil can be followed as a resistance and the range of 75.94 to 75.12 dollars as a support zone.