Oil prices are at their highest level of the year

A barrel of Brent oil is trading at $94.73 in international markets.

The price of a barrel of Brent oil, which rose to $94.63 on Friday, ended the day at $93.93. The price of a barrel of Brent oil increased 0.85 percent compared to today’s close at 9:58 a.m., reaching $94.73. At the same time, West Texas Intermediate (WTI) crude oil sold at $90.83 per barrel.

PRICES ARE THE HIGHEST LEVELS OF THE YEAR

Prices continue to remain at the highest level of the year. The rise in oil prices was influenced by concerns that the global supply and demand deficit would widen in the final quarter of the year after Saudi Arabia and Russia extended voluntary production cuts.

Experts estimate that production cuts by Saudi Arabia and Russia could lead the market to a deficit of 2 million barrels per day in the last quarter of the year.

Furthermore, the expectation that the economic incentive policy of China, the world’s largest crude oil importer, will lead to a recovery in oil demand and strong economic data from the US, the largest oil consuming country in the world, support the upward movement of prices in the oil market.

This week, investors will follow decisions by global central banks that are expected to provide clues about China’s interest policies and important economic data.

It is stated that technically for Brent oil the range between $94.77 and $94.92 can be considered resistance and the range between $94.31 and $94.23 as support zone. (AA)