The barrel price of Brent oil, which completed the day at 84.03 dollars yesterday, increased by 0.15 percent compared to the closing as of 09.06 today and became 84.16 dollars. At the same time, West Texas type (WTI) crude oil found buyers at $79.80 a barrel.
The release of data showing the increase in oil demand in the USA was effective in the rise in prices.
The American Petroleum Institute announced that crude oil supply in the United States fell by about 2 million 418 thousand barrels last week. The increase in demand in the USA, the world’s largest oil consumer, supported the upward movement in prices. The U.S. Energy Information Administration will release official oil stock data today. In case of a decrease in stocks, the increase in oil prices is expected to continue.
Uncertainty over interest rates continues to weigh on prices
In addition, the continued depreciation of the US dollar against other currencies supported the rise in oil prices. The weak US dollar makes dollar-denominated oil cheaper for buyers of other currencies, leading to increased purchases and higher prices.
The US dollar index decreased by 0.10 percent to 103,372 as of 08.58 hours today.
On the other hand, market players follow the clues regarding the interest rate decisions of major economies. Uncertainties regarding interest rates continue to put pressure on prices. US Federal Reserve (Fed) officials and representatives of the European Central Bank, the Bank of England and the Bank of Japan will meet in the US state of Wyoming for their annual meeting this week.
It is stated that technically, the range of $ 84.33 to $ 84.45 in Brent oil can be followed as resistance, and the range of $ 83.95 to 83.88 can be viewed as support.