The barrel price of Brent oil, which rose to $ 77.59 yesterday, completed the day at $ 76.41. As of 09:25, the price of Brent oil per barrel increased by 0.9 percent compared to the closing date, and became $77.06. In the same minutes, West Texas type (WTI) crude oil found buyers at $ 73.17 a barrel.
Strong fuel demand data from the USA, the world’s largest oil consumer, was instrumental in the rise in prices.
The US Energy Information Administration (EIA) announced that gasoline stocks in the country decreased by 3 million 200 thousand barrels last week to 219 million 700 thousand barrels. The sharp-than-expected decline in US gasoline stocks created the perception of strong demand for transportation fuels in the country, supporting prices.
In the USA, the Consumer Price Index increased by 0.4 percent on a monthly basis, in line with expectations, and by 4.9 percent on an annual basis, below market expectations, and annual inflation fell to its lowest level since April 2021.
Investors are also closely watching the talks to raise the $31.4 trillion debt limit in the US, which started yesterday.
US President Joe Biden met on Tuesday with Speaker of the US House of Representatives Kevin McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell to discuss the debt limit issue.
Biden, at the press conference held after the meeting, stated that the meeting was “productive” and that they would meet again on Friday.
Biden, in a program he attended yesterday in New York, warned that “the whole world would be in trouble” if the United States defaulted.
It is stated that technically, the range of 77.29 to 77.41 dollars in Brent oil can be followed as a resistance and the range of 77.04 to 76.91 dollars as a support zone.