Yesterday, the barrel price of Brent oil rising up to $ 75,18 completed at the level of $ 74.14. The barrel price of Brent oil, today at 10.19 hours increased by 0.5 percent compared to the closing was 74.56 dollars. At the same time, the Western Texas species (WTI) found buyers at $ 70,82 barrels of crude oil.
US President Donald Trump’s trade war with China and the threats of increasing customs duties for other countries after three consecutive weeks of oil prices, the US Federal Bank (Fed) has increased with expectations that it could continue interest rate cuts.
Chicago Fed President Austan Goolsbee said that an economy in which full employment is provided with solid growth and decrease inflation will allow the Fed to continue interest rate cuts.
In addition, the customs duty decisions that Trump plans to implement for China, Mexico and Canada continue to be effective on prices. Experts say that comprehensive customs tax applications will suppress oil prices in the short term, but in the long term, this situation may adversely affect global growth and lead to a trade war that can re -exacerbate inflation and that it can push the prices up.
On the other hand, according to the data announced in the US yesterday for the first time the number of unemployment benefits increased by 11 thousand people increased to 219 thousand compared to the previous week in the week ending with February 1, and the market expectations took place. This strengthens expectations that demand will decrease by pointing to economic weakening in the world’s most consuming country in the world.
In addition, the statements that the US administration will continue its “strong dollar” policy have an impact on prices. “We want the dollar to be strong. What we don’t want is to weaken the currencies of other countries, to manipulate their trade.” He said.
The high US dollar rashes the demand appetite of market players and restricts the upward movement of oil prices. The US dollar index today was 09.45 and increased by 0.11 percent to 107.82.
Brent oil technically $ 77,40, resistance, 73.04 dollars can be followed as support.
