Volatility in oil prices continues

A barrel of Brent oil is trading at $93.44 in international markets.

The price of a barrel of Brent oil, which rose to $95.96 yesterday, ended the day at $94.34.

The price of a barrel of Brent oil decreased by 0.95 percent compared to today’s close at 9:30 a.m., reaching $93.44.

At the same time, West Texas Intermediate (WTI) crude oil sold at $89.66 per barrel.

UNCERTAINTY ABOUT THE FED’S DECISION

Oil prices fell ahead of the US Federal Reserve’s (Fed) announcement on interest policy. While the Federal Reserve is expected to hold interest rates steady at today’s meeting, the roadmap for forward-looking interest policy is expected to become clear.

Uncertainty over how the Federal Reserve’s decision on interest rates will affect demand in the United States, the world’s largest oil consumer, put downward pressure on prices.

The expectation that there will be a global supply shortage in the last quarter of the year, as the world’s largest oil producers, Saudi Arabia and Russia, reduce production, restrains the fall in prices.

STOCKS IN THE US DECREASE BY 5.2 MILLION BARRELS

Yesterday, the American Petroleum Institute announced that the country’s oil reserves decreased by 5.2 million barrels.

The market expectation was that stocks would decline by 2.6 million barrels. Experts will follow official figures from the US Energy Information Administration today.

It is stated that in Brent oil, technically, the range between $93.75 and $93.86 can be considered as resistance, and the range between $93.13 and $92.93 as support zone. (AA)