A barrel of Brent oil is traded at $91.54 in international futures markets.
The barrel price of Brent oil, which rose to $95.98 yesterday, completed the day at $92.70.
The forward barrel price of Brent oil decreased by approximately 1.26 percent compared to the closing date at 10.08 today, reaching 91.54 dollars. At the same time, West Texas Intermediate (WTI) crude oil was sold at $87.54 per barrel.
The partial decline in prices was influenced by the news that the USA and Iran had reached an agreement to extend the ceasefire.
Experts stated that the expectation in the market is that the conflict is over and an agreement will be reached between the parties, and that if this perception continues, crude oil prices may decline towards 80 dollars.
While there has been high volatility in oil prices recently, signals that the US and Israel’s 3-month-long operations against Iran may end and expectations that the Strait of Hormuz will reopen have limited the upward pressure on oil prices.
While it was stated that the maritime traffic in the Bosphorus, where approximately one fifth of the world’s oil supply and a significant part of the LNG supply passes, is still well below pre-war levels, experts noted that the re-normalization of maritime traffic in the Bosphorus may provide some relief to the oil market in the short term, but uncertainties continue about the speed and permanence of the recovery.
On the other hand, the US Energy Information Administration (EIA) announced that commercial crude oil stocks in the country decreased by approximately 3 million 300 thousand barrels last week to 441 million 700 thousand barrels. Market expectation was that stocks would decrease by approximately 2 million 800 thousand barrels.
Strategic crude oil stocks, which are not included in commercial crude oil stocks, decreased by approximately 9 million 100 thousand barrels to 365 million 100 thousand barrels. During this period, US gasoline stocks decreased by approximately 2 million 600 thousand barrels, reaching 211 million 600 thousand barrels.
In the same period, daily crude oil production of the USA increased by 13 thousand barrels in the week of May 16-22, reaching 13 million 715 thousand barrels. The country’s crude oil imports decreased by 803 thousand barrels per day to 6 million 212 thousand barrels last week compared to the previous week, and crude oil exports decreased by 1 million 164 thousand barrels per day to 4 million 440 thousand barrels.
Experts emphasized that US data showed that oil consumption in the country was very strong, and stated that the rapid meltdown in gasoline and oil tanks before the summer season indicated that the US was spending oil in its own domestic market instead of selling it abroad. This high consumption in the country is seen as the most important support factor that prevents the falling oil prices due to geopolitical agreements from falling further.
It is stated that technically $ 92.32 can be watched as resistance and $ 91.46 as support zone for Brent oil.
