Oil prices rose with the US plan

A barrel of Brent oil is trading at $93.36 in international markets.

The price of a barrel of Brent oil, which rose to $93.48 yesterday, ended the day at $92.38. The price of a barrel of Brent oil increased 1.06 percent compared to today’s close at 9:02 a.m., reaching $93.36. At the same time, West Texas Intermediate (WTI) crude oil sold at $89.41 per barrel.

Oil prices rose after the US government announced it would begin replenishing the country’s strategic oil reserves. The United States Department of Energy announced that it plans to add a total of 6 million barrels to the strategic petroleum reserve between December 2023 and January 2024.

RESERVES DECLINED TO THE LOWEST LEVEL IN 40 YEARS

Oil from the reserve, which has consumed about 200 million barrels since the beginning of 2022, has fallen to the lowest level in 40 years. The ministry said it will sign purchase agreements for refilling at a maximum of $79 per barrel and will continue to request oil purchases until May 2024.

This situation, which indicates an increase in demand in the US, the largest oil consumer in the world, supported the increase in oil prices.

While concerns remain about the possibility of the Israeli-Palestinian conflict escalating into a broader conflict in the Middle East, it is believed this could seriously reduce crude oil supplies from the oil-rich region.

Additionally, oil prices rose due to the weakening of the US dollar following recent statements by US Federal Reserve (Fed) Chairman Jerome Powell. Powell stated that they are closely monitoring the latest data showing the durability of economic growth and labor demand, and said: “Additional evidence of above-trend growth or that labor market tightness is not easing may require a further tightening of monetary policy.” said.

It is stated that technically the range between $93.47 and $93.56 can be considered as resistance and the range between $93.09 and $92.99 can be considered as support zone for Brent Oil (AA).