The barrel price of Brent oil, which rose to $31.02 yesterday, finished the day at $28.86. As of 09.25 today, a barrel of Brent oil was traded at $28.60, with a 0.9 percent decrease compared to the closing. At the same time, West Texas Intermediate (WTI) crude oil was sold at $25.44 per barrel.
A recovery was observed in global oil prices due to the positive data coming from the Chinese economy and the cuts of the Organization of Petroleum Exporting Countries (OPEC) led by Saudi Arabia and some non-OPEC producer countries led by Russia.
Commercial crude oil stocks in the US rose to 532.2 million barrels
The US Energy Information Administration (EIA) announced that commercial crude oil stocks in the country increased by 4.6 million barrels (0.9 percent) last week, reaching 532.2 million barrels. Market expectation was that stocks would increase by 7.7 million barrels. The country’s crude oil stocks increased by 9 million barrels the previous week.
Experts state that the rise in global oil prices is suppressed by excess supply in the markets and concerns that OPEC+ decisions may not be fully implemented.
It is stated that technically, the range between 29.94 and 30.21 dollars in Brent oil can be watched as resistance, and the range between 28.17 and 26.61 dollars can be watched as support zone.
Source: https://www.aa.com.tr/tr/ekonomi/brent-petrolun-varili-28-60-dolar/1832046
