The barrel price of Brent oil, which rose to $ 77.08 yesterday, completed the day at $ 76.52. The barrel price of Brent oil was $76.94, with an increase of 0.55 percent compared to the closing date at 09:21 today. In the same minutes, West Texas type (WTI) crude oil found buyers at $72.20 a barrel.
Strong fuel demand data from the USA, the world’s largest oil consumer, was effective in the rise in prices.
The US Energy Information Administration (EIA) announced that commercial crude oil stocks in the country decreased by approximately 1 million 500 thousand barrels last week to 452 million 200 thousand barrels. In this period, US gasoline stocks decreased by 2 million 500 thousand barrels to 219 million 500 thousand barrels. The decrease in inventories created the perception of strong demand for fuels in the country, supporting prices.
On the other hand, concerns that the rise in interest rates in the USA and Europe will negatively affect global growth and oil demand continue to suppress prices.
After the data announced yesterday in the USA, the probability that the US Federal Reserve (Fed) will increase interest rates by 25 basis points at this month’s meeting in the pricing in money markets has increased to 92 percent.
In Europe, European Central Bank (ECB) President Christine Lagarde, who made a statement yesterday, stated that the bank still has a long way to reduce inflation, but they have provided a significant pullback in inflation. While it is considered certain that the ECB will increase interest rates by 25 basis points at this month’s meeting, the bank is expected to increase interest rates by 50 basis points in total until the end of the year.
It is stated that technically, the range of $77.02 to $77.21 in Brent oil can be viewed as resistance, and the range of $76.83 to $76.64 as support.