The barrel price of Brent oil, which rose to $75.28 yesterday, finished the day at $75.19. The barrel price of Brent oil decreased by approximately 0.4 percent compared to the closing time at 10.04 today, reaching 74.92 dollars. At the same time, West Texas Intermediate (WTI) crude oil was sold at $71.15 per barrel.
Oil prices started to decline due to the uncertainty in the market before the Presidential elections to be held today in the USA.
Analysts state that investors are avoiding taking risky positions before the election and that the interest rate decision to be announced by the US Federal Reserve (Fed) on Thursday, which is expected to give clues about economic growth in the country, will be closely followed.
In the USA, the world’s largest oil consuming country, it is expected that economic activity will be shaped according to the election results and will direct the oil demand.
The decline in prices is partly due to the ongoing work on the possibility of a ceasefire in Gaza.
Palestinian President Mahmoud Abbas, in his speech yesterday at the “World Urban Forum” in Cairo, the capital of Egypt, said that it is time to implement the decision of the United Nations Security Council (UNSC) covering the implementation of a ceasefire in the Gaza Strip and adopted by the UNSC on June 10. He said he was coming.
Egyptian President Abdel Fattah al-Sisi, who met with Palestinian President Abbas yesterday, said that intense efforts are continuing to achieve a ceasefire in the Gaza Strip.
News that Israel rejects all ceasefire proposals restricts the decline in prices.
Although there is a decrease in oil prices on a daily basis, prices have been on an upward trend since October 28. The price increase is due to the OPEC+ group’s announcement that they will wait a little longer to increase their oil production and the ongoing tension in the Middle East.
It is stated that technically, in Brent oil, $78.51 can be watched as resistance and $70.59 can be watched as support.
