The barrel price of Brent oil, which rose to $79.61 yesterday, finished the day at $78.80. The barrel price of Brent oil decreased by approximately 0.6 percent compared to the closing time at 09.51 today, reaching 78.28 dollars. At the same time, West Texas Intermediate (WTI) crude oil was sold at $75.32 per barrel.
Oil prices continue their horizontal course after US President Donald Trump declared a national emergency to increase energy production.
The policies determined by Trump to increase oil and gas production in the USA, in line with his election promises, strengthen the perception that there will be no supply interruption in global markets and support the downward movement of prices.
In addition, Trump’s cancellation of the decree banning oil and natural gas drilling put into effect in a large part of US territorial waters by former US President Joe Biden is interpreted as a sign that the environmental policies brought back by the Biden administration have begun to be reversed, and this alleviates the supply concerns of market players. .
In addition, the Trump administration’s announcement that it is considering imposing a 25 percent customs duty on Canada and Mexico and pointing to February 1 to impose a 10 percent customs duty on China are also pushing prices down.
Expectations that the situation in question will lead to an increase in prices in the United States, the world’s largest oil consuming country, are reinforcing concerns that oil demand will decrease and putting pressure on prices.
On the other hand, predictions that cold weather will increase the demand for heating fuel in Europe and the USA prevent prices from falling further. The news flow that harsh winter conditions in the USA will cause daily oil production in North Dakota to fall between 130 thousand and 160 thousand barrels affects the prices upward by feeding the supply concerns of market players.
It is stated that technically, in Brent oil, $ 82.31 can be watched as resistance and $ 71.85 can be watched as support.
