The barrel price of Brent oil, which rose to $ 79.20 yesterday, completed the day at $ 78.14. The barrel price of Brent oil was $78.48, increasing 0.44 percent compared to the closing date as of 10:14 today. In the same minutes, West Texas type (WTI) crude oil found buyers at $73.72 a barrel.
The rise in prices was driven by the uncertainty over global oil demand being replaced by supply concerns.
The takeover of the loans and deposits of Silicon Valley Bank, where the banking crisis started in the USA, by First Citizens Bank, reduced the concerns about the banking system.
The decline in the commercial crude oil stocks of the USA, the world’s largest oil consumer, supported the prices upwards with the perception that the demand was strong in the country. The American Petroleum Institute announced that the country’s crude oil stocks were forecast to decrease by 6 million 76 thousand barrels last week compared to the previous week. The market expectation was that there would be an increase of 187 thousand barrels.
Official stock data from the U.S. Energy Information Administration will be released today.
On the other hand, the news that the oil flow in the Kirkuk-Ceyhan oil pipeline stopped, caused supply-side concerns in the markets and supported the rise in prices. The oil flow was interrupted due to the lawsuit between Turkey and Iraq before the Paris-based International Chamber of Commerce Arbitration Center.
Russian oil goes to Central Asia, Africa and Latin America
Speaking to the Rossiya-24 television channel yesterday, Russian Deputy Prime Minister Aleksandr Novak reported that Russian oil was sent to Central Asian, African and Latin American countries.
Novak stated that Russia is directing its oil to “friendly country” markets, adding that shipments to India increased 22 times last year, and oil exports to China increased by 8 percent.
On the other hand, even though the banking crisis that started in the USA subsided, questions about the possible effects of the crisis continue.
While the concern that the credit expansion in the country will lose power and that this situation may accelerate the process that will lead the country’s economy to recession, uncertainties regarding the future of monetary policy continue to press prices downwards.
It is stated that technically, the range of 78.55 and 78.76 dollars in Brent oil can be followed as a resistance and the range of 78.34 and 78.13 dollars as a support zone.