Oil prices continue to rise

A barrel of Brent oil is trading at $94.35 in international markets.

The price of a barrel of Brent oil, which rose to $94.21 yesterday, ended the day at $93.70. The price of a barrel of Brent oil increased 0.69 percent compared to today’s close at 9:45 a.m., reaching $94.35.

At the same time, West Texas Intermediate (WTI) crude oil sold at $90.86 per barrel.

HIGHEST LEVEL SINCE NOVEMBER

The upward trend in oil prices continues, reaching their highest level since November last year. Data indicating that there will be an increase in oil demand and consumption due to the economic recovery of China, the world’s largest oil importer, was effective in increasing prices.

Better-than-expected economic data in China and reports of record oil consumption supported the view that demand will continue to rise in the world’s second-largest consumer of crude oil. According to data released today, oil refinery operations in the country reached a record level of 64.69 million tons in August.

The fact that Saudi Arabia and Russia, two of the world’s largest oil producers, continue to implement voluntary supply cuts until the end of the year continues to support the upward movement in prices.

EXPECTATION TO INCREASE FURTHER

The report released by the International Energy Agency this week included the expectation that the deficit in the global supply and demand balance will widen and prices will rise further in the last quarter of the year as these countries reduce their production.

It is stated that technically for Brent oil the range between $94.59 and $94.68 can be considered resistance and the range between $94.13 and $93.99 as support zone. (AA)