The barrel price of Brent oil, which completed yesterday at $ 86.21, increased by 0.36 percent compared to the closing as of 09.43 today and became $ 86.52. At the same time, West Texas type (WTI) crude oil found buyers at $82.91 a barrel.
Economic data from China, the world’s largest oil importer, and the depreciation of the dollar were effective in the rise in prices.
China’s decision to cut interest rates strengthened the expectations that the country’s economy could recover in its growth momentum and supported oil prices. China made a 15 basis point reduction in financial loans to some financial institutions. Oil demand in the country remains high during the summer months. In July, the country’s refinery production increased by 17.4 percent compared to last year.
Data showing that the economy grew faster than expected in the April-June period in Japan, the second largest economy in the region, also supported prices.
The depreciation of the US dollar against other currencies makes dollar-denominated oil cheaper for buyers using other currencies. This leads to increased purchases and higher prices. The US dollar index decreased by 0.11 percent to 102,945 as of 09:43 today.
It is stated that technically, the range of 86.56 to 86.61 dollars in Brent oil can be followed as resistance and the range of 86.22 to 86.12 dollars as a support zone.