The barrel price of Brent oil, which rose to $ 79.50 yesterday, completed the day at $ 79.40. The barrel price of Brent oil was 79.31 dollars, decreasing by 0.11 percent compared to the closing date as of 09.31 today. In the same minutes, West Texas type (WTI) crude oil found buyers at $74.76 a barrel.
Oil prices are fluctuating ahead of the US inflation data to be announced today.
Although the US Federal Reserve (Fed) is determined to fight inflation, the predictions that the Bank is approaching the end in its “hawk” steps are getting stronger day by day, while the signals from today’s Consumer Price Index (CPI) data are expected to give clues about the Fed’s monetary policy.
The American Petroleum Institute announced that the country’s crude oil stocks were forecast to increase by 3 million 26 thousand barrels last week compared to the previous week. The market expectation was that there would be an increase of 200,000 barrels. 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.
With the expectations that the inflation pressure in the USA will soften, the dollar index carried its downward trend for the 5th consecutive trading day due to the decreasing demand. The weaker dollar is predicted to increase demand, making oil cheaper for holders of other currencies.
On the supply side, the voluntary cuts in oil production by Saudi Arabia and Russia in August, and then the news that supply would fall behind demand in the second half of the year accelerated the upward trend of prices. The barrel price of Brent oil, which exceeded the level of 79 dollars, saw its highest level since May 3.
Technically, the range of $79.47 to $79.68 in Brent oil can be viewed as resistance, and the range of $79.26 to $79.05 as support.