A barrel of Brent oil is traded at $73.26 in international markets.
The barrel price of Brent oil, which rose to $73.40 on Tuesday, finished the day at $73.13. The barrel price of Brent oil increased by approximately 0.17 percent compared to the closing time at 09.51 today, reaching 73.26 dollars. At the same time, West Texas Intermediate (WTI) crude oil was sold at $70.05 per barrel.
While there were no transactions in the oil markets yesterday due to the Christmas holiday, transactions in the markets are low today.
Oil prices are rising with the expectation that China, the world’s largest oil-importing country, will experience an economic recovery next year and that oil demand will increase. Experts state that the news that a record fiscal stimulus of 3 trillion yuan will be implemented in China to stimulate the economy was effective in the rise of crude oil prices.
China had announced that its monetary policy stance for next year would be “moderate loose”. Finance Minister Lan Fo’an announced on Tuesday that steps will be taken to increase consumption and investment in 2025 to support the economy.
Lan said the country would adopt a more proactive fiscal policy next year and vowed to increase fiscal spending. He also said that the country will increase the intensity of fiscal spending in 2025, ensure faster distribution of funds, and optimize the fiscal spending structure, focusing on improving people’s well-being and promoting consumption.
Prices are rising with the expectation that demand will continue to increase in the United States, the world’s largest oil-consuming country.
Donald Trump, who will take office on January 20, is expected to put forward policies that will increase fossil fuels and be more positive towards oil producers.
Additionally, tomorrow, the American Petroleum Institute and the US Energy Information Administration are expected to announce that crude oil stocks in the US have decreased. The data that stocks are decreasing supports the idea that demand is increasing in the country.
It is stated that technically $ 74.18 can be watched as resistance and $ 71.12 as support for Brent oil.
