Oil prices exceed $90

A barrel of Brent oil is trading at $90.76 in international markets.

The price of a barrel of Brent oil, which rose to $91 on Friday, ended the day at $90.89. The price of a barrel of Brent oil decreased by 0.14 percent compared to today’s close at 10:18 a.m., reaching $90.76. At the same time, West Texas Intermediate (WTI) crude oil sold at $86.31 per barrel.

The search for direction continues in oil prices, which have risen due to concerns that the Israeli-Palestinian conflict will harm oil supplies if it spreads to the region.

Experts say that if the conflict spreads to the region, the expected supply shortfall for the rest of the year will deepen even further.

MONETARY POLICY EXPECTATIONS ALSO AFFECT PRICES

Growing expectations that the end of “hawkish” monetary policies around the world are also affecting prices.

As U.S. Federal Reserve (Fed) officials continue their verbal guidance, Philadelphia Fed President Patrick Harker said in his Friday statement that he believes the bank has likely completed rate hikes. of interest due to the current easing of price pressures.

While there is an estimated 93 percent chance that the Federal Reserve will leave the policy rate constant on Nov. 1, there is a 67 percent chance that the bank will not change the policy rate in December.

It is certain that the European Central Bank (ECB) will not change the official interest rate at next month’s meeting.

It is stated that technically for Brent oil the range between $91.02 and $91.68 can be considered resistance and the range between $90.36 and $89.70 as support zone. (AA)