The barrel price of Brent oil, which rose to $ 77.50 yesterday, completed the day at $ 77.44. The barrel price of Brent oil became 76.69 dollars with a decrease of 0.96 percent as of 09.31 today. In the same minutes, West Texas type (WTI) crude oil found buyers at $72.97 a barrel.
The increase in the crude oil stocks of the USA, the world’s largest oil consumer, was effective in the decrease in prices.
The American Petroleum Institute announced that an increase of 3 million 618 thousand barrels was expected in the country’s crude oil stocks last week compared to the previous week. The market expectation was that there would be a decrease of 1 million 600 thousand barrels.
Global markets focused on US inflation data
The forecast of an increase in stocks created the perception that the demand was low in the country and suppressed the prices. Official stock data from the U.S. Energy Information Administration will be released today.
While global markets focus on inflation data to be announced in the US today, New York Fed President John Williams said yesterday that he expects inflation to fall to around 3.25 percent this year before returning to the bank’s long-term target of 2 percent in the next 2 years.
Reminding that the Fed did not say that it has completed the rate hike, Williams noted that he does not see any reason for a decrease in interest rates this year, and that additional interest rate hikes may be possible if inflation does not decrease.
On the other hand, the monthly oil report to be announced by the Organization of Petroleum Exporting Countries (OPEC) on Thursday will be followed closely. The report is thought to provide clues as to whether the group will decide to cut production again at its meeting next month to support prices.
It is stated that technically, the range of $78.27 to $79.10 in Brent oil can be viewed as resistance, and the range of $75.84 to $74.24 as support.
