The barrel price of Brent oil, which rose to $ 82.80 yesterday, completed the day at $ 82.54. As of 09:27, the price of Brent oil per barrel increased by 0.01 percent compared to the closing date and became $ 82.55. In the same minutes, West Texas type (WTI) crude oil found buyers at $78.77 a barrel.
Oil prices follow a mixed course due to uncertainties regarding the global economy and demand outlook and expectations for interest rate hikes.
Expectations that central banks in the USA and Europe will raise interest rates next month are pushing prices downwards.
While the concerns about the economic activity in the USA are gaining strength, the expectations that the US Federal Reserve (Fed) will increase interest rates by 25 basis points next month are at the level of 85 percent.
European Central Bank (ECB) Chief Economist Philip Lane stated that the latest data indicate that interest rate hikes should continue, while ECB member Isabel Schanabel stated that a 50 basis point increase in interest rates is on the table.
On the other hand, expectations of a holiday-induced increase in demand in China, the world’s largest oil importer, support prices upwards.
It is stated that technically, the range of 82.85 to 83.33 dollars in Brent oil can be followed as a resistance and the range of 82.37 to 81.89 dollars as a support zone.