The price of a barrel of Brent oil, which rose to $82.23 yesterday, closed the day at $81.71. As of 09:44, the price of a barrel of Brent oil decreased by 0.7 percent compared to the closing price, reaching $81.14. At the same time, a barrel of West Texas Intermediate (WTI) crude oil was sold for $77.
The decline in prices was driven by expectations of a ceasefire in the Middle East and concerns about oil demand from China, the world’s largest crude oil importer.
Negotiations have been ongoing for a long time between the parties to stop the attacks that Israel launched on the Gaza Strip on October 7, 2023.
In a written statement made by the Israeli Prime Minister’s Office on Sunday, it was announced that the delegation led by David Barnea, Director of the Israeli Foreign Intelligence Agency Mossad, will go to Doha today for negotiations on a ceasefire and a mutual prisoner exchange agreement in the Gaza Strip.
The possibility of a ceasefire eases supply concerns in markets.
China’s economy grew by 4.7 percent in the second quarter of the year, below expectations, according to data from the National Bureau of Statistics released last week. Uncertainty over the country’s oil demand is fueling concerns that imports and refinery activity will also remain low.
On the other hand, the decline in crude oil and gasoline stocks in the United States, the world’s largest oil consuming country, restricts the downward movement of prices.
According to data from the U.S. Energy Information Administration (EIA), the country’s commercial crude oil inventories decreased by about 3.7 million barrels last week, while gasoline inventories decreased by about 5.6 million barrels.
The decline in stocks indicates that demand remains high in the country.
It is stated that technically, the resistance range for Brent oil is between $82.31 and $83.61, while the support range is between $81.01 and $79.71.
