Brent oil price per barrel is $80.03

The barrel price of Brent oil, which rose to $ 83.48 yesterday, completed the day at $ 80.77. The barrel price of Brent oil decreased by 0.92 percent compared to the closing date as of 09.30 today and became $ 80.03. In the same minutes, West Texas type (WTI) crude oil found buyers at $74.06 a barrel.

Concerns about the economic outlook of the USA, the world’s largest oil consumer, were effective in the decline in prices.

While the bankruptcy of Silicon Valley Bank (SVB) and Signature Bank caused concerns about the US banking sector, uncertainty about the monetary policy steps to be taken by the US Federal Reserve (Fed) also increased.

Although the expectations that the Fed will not increase interest rates in the rest of the year come to the fore, it is predicted that there will be a 25 basis point increase in interest rates with a 75 percent probability at the meeting to be held next week.

While the expectations that the Fed will cut interest rates from the second half of the year gain strength, it is expected that the inflation data to be announced today will have an impact on the prices in question.

Uncertainties regarding the US economy and concerns about global oil demand continue to put downward pressure on prices.

On the other hand, the fact that the expected rapid recovery in China did not occur despite the removal of the COVID-19 measures causes the demand-based optimism in the markets to decrease. This supports the decline in prices.

The monthly oil market report to be published by the Organization of Petroleum Exporting Countries will be followed in the markets today.

It is emphasized that technically, the range of 80.23 to 80.63 dollars in Brent oil can be viewed as resistance and the range of 79.83 to 79.43 dollars as a support zone.

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