The barrel price of Brent oil, which rose to $ 85.23 yesterday, completed the day at $ 85.17. The barrel price of Brent oil was $85.71, an increase of 0.6 percent compared to the closing date as of 09:42 today. In the same minutes, West Texas type (WTI) crude oil found buyers at $81.57 a barrel.
In the light of the inflation data to be announced today, the US Federal Reserve’s interest rate decision is effective in the limited rise in prices.
In the country, it is predicted that the Consumer Price Index (CPI) will increase by 0.2 percent monthly in March and annual inflation will decline to 5.1 percent from 6 percent.
On the other hand, the American Petroleum Institute announced that the country’s crude oil stocks were expected to increase by 377,000 barrels last week compared to the previous week. The market expectation was that there would be a decrease of 1 million 300 thousand barrels.
The forecast for an increase in the commercial crude oil stocks of the USA suppressed the prices downwards with the perception that the demand was weak in the country.
Official stock data from the U.S. Energy Information Administration will be released today.
Global growth forecast declining pressures prices
Another factor that put pressure on prices was that the International Monetary Fund (IMF) lowered its 2023 global growth outlook, referring to the impact of high interest rates.
In the April issue of the World Economic Outlook Report, the IMF cut its global economic growth forecast from 2.9 percent to 2.8 percent for this year and from 3.1 percent to 3 percent for 2024.
Markets focused on the monthly oil market reports of the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA), which will be released on Thursday and Friday.
Technically, it is stated that the range of 85.86 to 85.93 dollars in Brent oil can be viewed as resistance and the range of 85.67 to 85.55 dollars as a support zone.