Oil prices rise again

A barrel of Brent oil is quoted at $93.19 in international markets.

The price of a barrel of Brent oil, which rose to $92.70 yesterday, ended the day at $92.43. The price of a barrel of Brent oil increased 0.82 percent compared to today’s close at 9:34 a.m., reaching $93.19. At the same time, West Texas Intermediate (WTI) crude oil sold at $91.36 per barrel.

Oil prices, which declined due to the negative outlook for global oil demand, began to rise again as concerns over global oil supply predominated in the markets.

SUPPLY CONCERNS SUPPORT PRICES

The expectation of supply shortages in the markets in the coming months due to production cuts planned until the end of the year by Saudi Arabia and Russia, the world’s largest oil exporters, continues to support prices higher.

Russia’s temporary suspension of gasoline and diesel exports last week due to rising prices in the country is adding to anxiety in markets already experiencing supply concerns.

On the other hand, growing predictions that the US Federal Reserve (Fed) will keep interest rates higher than expected continue to put downward pressure on prices.

According to data released yesterday in the country, the Conference Board (CB) consumer confidence index fell below expectations, falling 5.7 points to 103 on a monthly basis in September. With this drop, the index fell to its lowest level in the last 5 months.

The American Petroleum Institute announced yesterday that the country’s oil reserves increased by 1 million 586 thousand barrels. The market expectation was that inventories would decrease by 1 million 650 thousand barrels. Markets will follow official figures from the US Energy Information Administration today.

It is stated that technically for Brent oil the range between $93.41 and $94.09 can be considered resistance and the range between $92.73 and $92.05 as support zone. (AA)