The barrel price of Brent oil, which completed Monday at $85.34, became $85.05, down 0.33 percent as of 09:42 today. In the same minutes, West Texas type (WTI) crude oil found buyers at $81.68 a barrel.
Negative economic indicators from China, the world’s largest crude oil importer, were effective in the partial decline in prices.
According to the data released by the General Administration of Customs, China’s oil imports decreased by 18.8 percent compared to the previous month and amounted to 10.29 million barrels per day in July. The data, which strengthened the perceptions of weak demand in the world’s second largest oil consumer country, had a negative impact on oil prices.
On the other hand, increasing supply concerns after Saudi Arabia and Russia’s decision to cut oil production restrains the further decline in prices.
Russia says it will continue to reduce oil exports
Saudi Arabia extended the duration of the 1 million barrels per day cut, which it started in July and extended in August, to cover the month of September.
Russia, on the other hand, announced that it would continue to voluntarily reduce its oil exports, and accordingly, it would cut 300,000 barrels a day in oil supply in September. Russia also reduced its oil exports by 500,000 barrels per day in August.
Investors focused on commercial crude oil stocks, which the U.S. Energy Information Administration will announce tomorrow, providing insight into the country’s oil demand outlook and economy.
It is stated that technically, the range of $85.71 to $86.14 in Brent oil can be viewed as resistance, and the range of $84.82 to $84.39 as support.