Oil prices continue to rise

Two weeks ago, a barrel of Brent oil, which fell to 72 dollars, today exceeded 79 dollars in international markets.

The price of a barrel of Brent oil, which rose to $79.20 yesterday, ended the day at $78.14. The price of a barrel of Brent oil was $78.48, increasing 0.44 percent compared to the closing date at 10:14 today. In the same minutes, West Texas (WTI) crude oil found buyers at $73.72 a barrel.

WHY DID THE PRICE RISE?

The rise in prices was due to uncertainty about global oil demand being replaced by supply concerns.

The acquisition of Silicon Valley Bank’s loans and deposits, where the US banking crisis began, by First Citizens Bank, reduced concerns about the banking system.

Falling commercial crude stocks in the US, the world’s largest oil consumer, supported prices higher on the perception that demand was strong at home. The American Petroleum Institute announced that the country’s crude stocks are forecast to decrease by 6 million 76 thousand barrels last week compared to the previous week. The market expectation was that there would be an increase of 187 thousand barrels.

Official stock data from the US Energy Information Administration will be released today.

On the other hand, the news that the flow of oil in the Kirkuk-Ceyhan pipeline stopped, generated concern on the supply side of the markets and supported the rise in prices. The flow of oil was interrupted due to the lawsuit between Turkey and Iraq before the Arbitration Center of the International Chamber of Commerce based in Paris.

WHERE DOES RUSSIAN OIL GO?

Speaking to the Rossiya-24 television channel yesterday, Russian Deputy Prime Minister Aleksandr Novak reported that Russian oil was sent to countries in Central Asia, Africa and Latin America.

Novak said that Russia directs its oil to the markets of “friendly countries”, adding that shipments to India increased 22 times last year and oil exports to China increased by 8 percent.

On the other hand, although the banking crisis that began in the US has subsided, doubts remain about the possible effects of the crisis.

While the concern that credit expansion in the country will lose steam and that this situation will accelerate the process that will lead the country’s economy into recession, uncertainties about the future of monetary policy continue to push prices down.

It is stated that technically the range of 78.55 and 78.76 dollars of Brent oil can be followed as resistance and the range of 78.34 and 78.13 dollars as a support zone. (AA)