The barrel price of Brent oil, which rose to $ 75.49 yesterday, completed the day at $ 73.20. The barrel price of Brent oil became $73.53, with an increase of 0.45 percent compared to the closing date at 09:06 today. In the same minutes, West Texas type (WTI) crude oil found buyers at $68.59 a barrel.
Following the data showing that inflation slowed down in the USA in May, the Central Bank (Fed) announced that it kept the policy rate unchanged yesterday. The fact that the Fed skipped the rate hike and gave market players hope for an increase in economic activity supported the upward movement of prices.
The Fed did not raise interest rates for the first time since January 2022, but the US Fed Chairman Jerome Powell’s statement after the meeting said that he believed that further rate hikes would be appropriate in 2023, restraining the price increase.
On the other hand, the US Energy Information Administration announced that commercial crude oil stocks in the country increased by approximately 7 million 900 thousand barrels last week. The market expectation was that inventories would decrease by 1 million 291 thousand barrels.
In the said period, US gasoline stocks increased by 2 million 100 thousand barrels. Data showing that the demand in the USA, which is the world’s largest oil consumer, has decreased, also limited the price increase.
It is stated that technically, the range of 74.08 to 74.22 dollars in Brent oil can be followed as resistance and the range of 72.94 to 72.80 dollars as a support zone.