The barrel price of Brent oil, which rose to $ 80.93 yesterday, completed the day at $ 79.46. The barrel price of Brent oil was 79.41 dollars, with a decrease of 0.06 percent compared to the close as of 09:09 today. In the same minutes, West Texas type (WTI) crude oil found buyers at $75.22 a barrel.
Oil prices remain stagnant with data on the below-expected decline in US commercial crude oil stocks and uncertainties regarding the Chinese economy.
The US Energy Information Administration announced that commercial crude oil stocks in the country decreased by about 700 thousand barrels last week to 457 million 400 thousand barrels. The market expectation was that inventories would decrease by 2 million 250 thousand barrels. The lower-than-expected drop points to weaker-than-expected demand in the world’s largest oil consumer country.
The data in China, the world’s largest importer of crude oil, show that the economic recovery is weak in the country, which also supports the perception that oil demand will decrease. Expectations that the Chinese government will try to revive the economy with more and various incentives continue.
It is stated that technically, the range of 79.59 to 79.66 dollars in Brent oil can be followed as resistance and the range of 79.35 to 79.30 dollars as a support zone.