2023-06-22 09:44:06
The barrel price of Brent oil, which rose to $ 77.24 yesterday, completed the day at $ 77.12. The barrel price of Brent oil was $76.75, down 0.48 percent as of 09:16 today. In the same minutes, West Texas type (WTI) crude oil found buyers at $72.23 a barrel.
The decline in prices was due to the increased demand concerns after the US Federal Reserve (Fed) chairman signaled that further rate hikes would be made.
Fed Chairman Jerome Powell signaled in his presentation to Congress that the interest rate will be increased a little more this year. Noting that the target of reducing inflation to 2 percent is a long way off, Powell said that almost all Federal Open Market Committee officials agreed that interest rates should be raised a little more by the end of the year.
After Powell’s remarks, concerns about a slowdown in economic growth and a decline in oil demand in the US put prices down.
On the other hand, the American Petroleum Institute announced that crude oil inventories in the country fell by 1.2 million barrels last week. The expectation was for stocks to decrease by 433 thousand barrels. The data showing the increase in oil demand in the USA, the world’s largest oil consumer, limited the decline in prices. Experts are waiting for the official data to be announced by the US Energy Information Administration during the day.
It is stated that technically, the range of 77.01 to 77.10 dollars in Brent oil can be followed as a resistance and the range of 76.49 to 76.32 dollars as a support zone.
#Brent #oil #price #barrel