The barrel price of Brent oil, which rose to $78.04 yesterday, finished the day at $75.43. The barrel price of Brent oil decreased by 1.4 percent compared to the closing time at 09.23, reaching 74.38 dollars. At the same time, West Texas Intermediate (WTI) crude oil was sold at $70.55 per barrel.
The decline in oil prices was influenced by the downward revision of the global oil demand forecast by the Organization of the Petroleum Exporting Countries (OPEC) and the news flow that Israel would not attack Iran’s power plants.
In its monthly oil market report published yesterday, OPEC revised its forecast for global oil demand for this year downwards by 106 thousand barrels per day compared to its previous forecast.
Accordingly, global oil demand is expected to increase by 1 million 930 thousand barrels per day this year compared to last year, reaching 104 million 140 thousand barrels, and in 2025 it is expected to reach 105 million 780 thousand barrels with an increase of 1 million 640 thousand barrels per day. The demand forecast for next year was 100 thousand barrels per day below the increase predicted by OPEC in last month’s report.
The slowdown in global oil demand is expected to originate mostly from China. It is predicted that demand in China, the world’s largest oil importing country, will increase by 580 thousand barrels per day this year. This year’s demand forecast for China was 70 thousand barrels per day below the increase predicted by OPEC in last month’s report.
The prediction that there will be a lower-than-expected growth in oil demand in the world puts downward pressure on prices.
While conflicts continue in the Middle East, where most of the oil resources are located, the news flow that Israel will not target Iran’s oil plants supports the decline in prices. According to reports in the international media, the Israeli administration assured the US Presidency that there would be no planned retaliation against Iran’s nuclear and oil facilities.
It is stated that technically, in Brent oil, $ 80.46 can be watched as resistance and $ 69.78 can be watched as support.