Oil approached 80 dollars

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Lerato Khumalo

The barrel price of Brent oil, which rose to $80.90 on Friday, finished the day at $79.87. The barrel price of Brent oil decreased by approximately 0.4 percent compared to the closing time at 09.49 today, reaching 79.56 dollars. At the same time, West Texas Intermediate (WTI) crude oil was sold at $77.01 per barrel.

Oil prices continue their downward trend ahead of the inauguration of Donald Trump, who will take office as the 47th US President today.

While there remain uncertainties about how Trump’s tariff steps will shape the European economy, recession concerns across the region continue to be the main agenda item. These recession concerns negatively affect the demand outlook of the world’s largest oil-consuming country and support the decline in prices.

In addition, Trump’s statements, which promised to impose a 25 percent customs duty on all products coming from Mexico and Canada and an additional 10 percent on products coming from China, may lead to an increase in prices in the USA, reinforcing concerns that oil demand in the country will decrease, pushing prices downwards. It suppresses.

In addition, predictions that Trump, who previously criticized high oil prices, will want to keep oil prices in the 70-80 dollar range in order to fulfill the promises he made regarding the US energy sector when he took office, also contribute to the decline in prices.

On the other hand, the ceasefire and prisoner exchange agreement reached between Israel and Hamas last week reduces the perception of risk in the Middle East, which hosts the majority of global oil reserves, and pulls prices down.

Israeli President Isaac Herzog, in his post on his social media account

The security cabinet approved the ceasefire and prisoner exchange agreement in Gaza, which was reached with Hamas.

It is stated that technically, in Brent oil, $ 82.35 can be watched as resistance and $ 76.30 can be watched as support.