Brent oil price per barrel is $90.33

Yesterday, the barrel price of Brent oil ended the day at $ 90.60. The barrel price of Brent oil decreased by 0.30 percent compared to the closing date as of 09:18 today and became 90.33 dollars. At the same time, West Texas Intermediate (WTI) crude oil found buyers at $87.25 a barrel.

Oil prices continue to hover at the highest levels of the year, as the world’s two largest oil exporters, Saudi Arabia and Russia, announced that they would extend their supply cuts until the end of the year. Worries about a possible slowdown in demand in the fall and the uncertain economic outlook in China, the world’s largest oil importer, were instrumental in the partial decline in oil prices.

While the fear of a decrease in global supply supports prices, the expectation that the market will enter a non-peak season in terms of oil consumption, as the high demand experienced in the summer months decreases towards the end of the year, puts pressure on prices.

On the other hand, yesterday, the American Petroleum Institute announced that oil stocks in the country fell by 5.5 million barrels. The market expectation was that inventories would decrease by 1.4 million barrels. Increasing demand in the USA, the world’s largest oil consumer, restrains the decline in prices.

It is stated that technically, the range of $ 90.39 to $ 90.45 in Brent oil can be followed as resistance and the range of $ 90.09 to 90 as support.

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