The barrel price of Brent oil, which rose to $92.40 yesterday, finished the day at $92.06. The barrel price of Brent oil increased by 0.17 percent compared to the closing time at 09.14 today, reaching 92.22 dollars. At the same time, West Texas Intermediate (WTI) crude oil was sold at $89.05 per barrel.
Oil prices continue to trade at the highest levels of the year due to global supply concerns. The price increase was due to the continuation of the cuts in the world’s largest oil producers, Saudi Arabia and Russia, in September and the negativities in oil production in some producing countries.
Due to the storm in Libya, a member of the Organization of Petroleum Exporting Countries (OPEC), 4 of the oil export terminals in the east of the country were closed. Kazakhstan announced that it reduced daily oil production due to maintenance.
In its monthly report published yesterday, OPEC stated that world oil demand will remain high and production will remain low until the end of the year. Another data supporting the concern that supply in the global market will gradually decrease came from the US Energy Information Administration (EIA). In its report yesterday, EIA pointed out that a decrease of approximately 500 thousand barrels in global oil stocks is expected in the second half of the year, which will cause the Brent oil price to increase to an average of 93 dollars per barrel in the fourth quarter.
Today, markets are waiting for the monthly report of the International Energy Agency, where expectations for production and demand will be shared.
It is stated that in Brent oil, technically, the range between 92.46 and 92.53 dollars can be watched as resistance, and the range between 92.12 and 92.02 dollars can be watched as support zone.