Brent oil is traded at $87.77 a barrel in international markets.
The barrel price of Brent oil, which rose to $88.01 yesterday, completed the day at $87.47. The barrel price of Brent oil increased by 0.34% compared to the closing date at 10.04 am today and became $87.77. In the same minutes, West Texas-type (WTI) crude oil found buyers at $81.29 a barrel.
The strong growth of the US economy, decreasing recession concerns and the expectation of an increase in oil demand in China were effective in the rise in prices.
The data released yesterday in the USA gave positive signals regarding the country’s economy. Accordingly, the US economy grew by 2.9% in the 4th quarter of 2022, more than expected. Analysts noted that after the aforementioned data, expectations that the US Federal Reserve (Fed) could make a “soft landing” in the country’s economy strengthened.
On the other hand, the critical COVID-19 case rate in China fell by 72%, while the death rate in patients in hospitals fell by 79%. With the decrease in cases pointing to the normalization of the Chinese economy, expectations for a recovery in oil demand are increasing.
On the supply side, market players are waiting for the EU’s ban on Russian refined products to begin on February 5 and the OPEC+ meeting.
It is stated that technically, the range of $87.89 to $88.06 in Brent oil can be followed as resistance and the range of $87.72 to $87.55 as a support zone.
Source: Trthaber / Translated by Irem Yildiz