The barrel price of Brent oil, which completed the day at $ 83.95 yesterday, became $ 84.19 with an increase of 0.29 percent compared to the closing as of 9.50 today. At the same time, West Texas Intermediate (WTI) crude oil found buyers at $80.19 a barrel.
The positive expectations regarding the Chinese economy were effective in the partial increase in prices.
In China, the world’s largest importer of crude oil, the government’s steps to support the economy continue. While the Chinese government recently announced that it reduced the stamp duty rate in the stock markets, experts reminded that it was last done in 2008.
The developments regarding the future monetary policy of the US Federal Reserve (Fed) are also closely followed by investors.
Fed Chairman Jerome Powell said in a speech at the Jackson Hole Economic Policy Symposium on Friday that they are ready to raise interest rates further if appropriate.
Pointing out that core consumer inflation is still high on an annual basis, Powell pointed out that there is still a long way to go in order to return to price stability.
Noting that they will be careful when deciding whether to tighten further or keep the policy rate unchanged and wait for the next data, Powell said, “We will need price stability to reach a period where strong labor market conditions are sustainable. We will continue this until the job is done.” used the phrase.
It is stated that technically, the range of 84.26 to 84.45 dollars in Brent oil can be followed as resistance, and the range of 84.07 to 83.88 dollars can be viewed as a support zone.