The barrel price of Brent oil, which rose to $ 82.58 yesterday, completed the day at $ 81.10. As of 09:12, the barrel price of Brent oil decreased by 0.2 percent compared to the closing date and became 80.94 dollars. At the same time, West Texas Intermediate (WTI) crude oil found buyers at $77.20 a barrel.
The decline in prices was due to weak US economic data and the rise in US gasoline inventories, raising concerns about a recession and slowing global oil demand.
In the week ending April 15, the number of people claiming unemployment benefits for the first time in the USA increased by 5 thousand compared to the previous week and rose to 245 thousand.
Cleveland Fed President Loretta Mester said monetary policy will need to move into slightly more restrictive territory this year by raising the interest rate above 5 percent to keep inflation on a downward trajectory to 2 percent.
Dallas Fed President Lorie Logan also stated that inflation is very high and that they want to see more and sustainable improvement in inflation.
The US Energy Information Administration (EIA) announced that the US gasoline stocks rose to 223 million 500 thousand barrels last week, an increase of 1 million 300 thousand barrels compared to the previous week.
Experts predict that the summer travel season in the USA and the expectations that oil demand will increase in the second half of the year will be decisive in oil prices.
On the supply side, news flow that oil shipments from western ports will exceed 2.4 million barrels per day in April, reaching its highest level since 2019, in April, despite Russia’s commitment to cut production, pressures prices.
It is stated that technically, the range of 81.01 to 81.14 dollars in Brent oil can be followed as a resistance and the range of 80.82 to 80.76 dollars as a support zone.