The barrel price of Brent oil, which rose to $ 74.98 yesterday, completed the day at $ 74.51. The barrel price of Brent oil was $74.89, an increase of 0.51 percent compared to the closing date as of 10:41 am today. In the same minutes, West Texas type (WTI) crude oil found buyers at $70.16 a barrel.

US Federal Reserve (Fed) Chairman Jerome Powell’s statement at the Fourth Financial Stability Conference of the Bank of Spain that they expect interest rate hikes to continue at a slower pace, and the US Department of Commerce’s estimates for the country’s first quarter Gross Domestic Product (GDP) data of 1 percent. The revision from 0.3 to 2 percent was effective in the rise of oil prices.

The fact that the US Energy Information Administration (EIA) announced that the commercial crude oil stocks in the country decreased by approximately 9 million 600 thousand barrels last week to 453 million 700 thousand barrels came to the fore as a supporting factor for the rise in oil prices. The market expectation was that inventories would decrease by 2 million 400 thousand barrels.

On the other hand, China’s National Bureau of Statistics released data showing that the manufacturing sector contracted for the third time in a row in June, limiting the rise in oil prices.

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