The barrel price of Brent oil, which completed yesterday at $ 84.89, decreased by 0.35 percent compared to the closing as of 09.19 today and became $ 84.59. At the same time, West Texas type (WTI) crude oil was bought at $80.70 a barrel.
The economic data from China, the world’s largest oil importer, fueled concerns about the country’s economy, lowering oil prices. The expectation that the worsening economy in China will slow down oil demand continues to affect prices.
According to data released last week in China, a decrease in imports of major industrial raw materials was observed in July, a new sign of the fragility in the country’s economic recovery. According to the data of the General Administration of Customs of China, the world’s largest importer of crude oil, iron, steel, copper and coal, imports of these items decreased in 7 months. The fact that retail sales and industrial production in the country were below expectations increased the concerns about the growth of the country’s economy.
On the other hand, the American Petroleum Institute’s statement that crude oil supply in the USA fell by about 6 million 195 thousand barrels last week limited the downward movement in prices. The U.S. Energy Information Administration will release official oil stock data today. In case of a decrease in stocks, an increase in oil prices is expected.
It is stated that technically, the range of 84.75 to 84.83 dollars in Brent oil can be followed as resistance and the range of 84.37 to 84.26 dollars as a support zone.