Oil prices hit yearly highs on supply concerns

Brent oil is trading at $90.33 a barrel in international markets.

Yesterday, the price of a barrel of Brent oil closed the day at $90.60.

The price of a barrel of Brent oil decreased by 0.30 percent compared to today’s close at 09:18 am and stood at $90.33. At the same time, West Texas Intermediate (WTI) crude oil found buyers at $87.25 a barrel.

Oil prices continue to hover around the highest levels of the year as the world’s two largest oil exporters, Saudi Arabia and Russia, announced they would extend their supply cuts until the end of the year.

CONCERNS ABOUT THE DECREASE IN THE GLOBAL SUPPLY

Concerns about a possible slowdown in demand in the fall and uncertain economic prospects in China, the world’s largest oil importer, were instrumental in the partial fall in oil prices.

Although the fear of a decrease in world supply drives prices up, the expectation that the market will enter a season of low intensity in terms of oil consumption, as the high demand experienced in the summer months subsides towards the end of the year, he exerts pressure. about prices.

On the other hand, yesterday the American Petroleum Institute announced that the country’s oil reserves fell by 5.5 million barrels. The market expectation was that inventories would decrease by 1.4 million barrels. Rising demand in the US, the world’s largest oil consumer, slows the fall in prices.

It is stated that technically the range of 90.39 to 90.45 dollars of Brent oil can be followed as resistance and the range of 90.09 to 90 dollars as support. (AA)