The barrel price of Brent oil, which rose to $ 81.36 yesterday, completed the day at $ 77.72. As of 09:14, the price of a barrel of Brent oil increased by 0.4 percent compared to the closing date and became 78 dollars. In the same minutes, West Texas type (WTI) crude oil found buyers at $74.55 a barrel.
The decline in the US commercial crude oil and gasoline stocks led to the perception of high demand in the world’s largest oil consumer, which was effective in the rise in prices.
The US Energy Information Administration (EIA) announced that commercial crude oil stocks in the country decreased by approximately 5 million 100 thousand barrels last week to 460 million 900 thousand barrels. The market expectation was that inventories would decrease by 6 million 83 thousand barrels.
Strategic crude oil stocks, which are not included in commercial crude oil stocks, decreased by 1 million barrels to 366 million 900 thousand barrels.
In the said period, the US gasoline stocks decreased by 2 million 400 thousand barrels to 221 million 100 thousand barrels. However, concerns that the ongoing recession concerns may cause a decrease in demand and that the increase in Russia’s oil exports may create an excess supply caused prices to drop by more than 4 percent yesterday.
Despite Moscow’s commitment to cut production, it is estimated that in April, Russia’s oil shipments from western ports will exceed 2.4 million barrels per day, reaching the highest level since 2019.
Analysts say that the mixed signals in the macroeconomic data in the USA increase the uncertainty in the monetary policy, and some weak earnings announced in the ongoing balance sheet season also support the concerns of the investors about the economic slowdown.
Technically, the range of $78.24 to $78.37 in Brent oil can be viewed as resistance, and the range of $77.92 to $77.73 as support.