Oil prices started the week with falls

A barrel of Brent oil is trading at $91.44 in international markets.

The price of a barrel of Brent oil, which rose to $93.79 on Friday, ended the day at $92.16. The price of a barrel of Brent oil decreased by 0.78 percent compared to today’s close at 9:24 a.m., reaching $91.44. At the same time, West Texas Intermediate (WTI) crude oil sold at $87.23 per barrel.

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

Although concerns that the conflict could expand continue to dominate markets, the flow of news about Israel’s postponement of its military operation in Gaza caused a slight decline in prices.

Among the factors that supported the drop in prices were the increase in diplomatic measures and the entry of two aid convoys for the Gaza Strip, which is under Israeli blockade, through the Rafah border gate during the end of week.

On the other hand, the US administration’s suspension of some sanctions against Venezuelan oil last week also alleviates supply concerns and limits the upward trend in prices.

It is stated that technically the range between $91.80 and $92.63 for Brent oil can be considered as resistance, and the range between $90.97 and $90.14 as support zone. (AA)