The barrel price of Brent oil, which rose to $71.95 on Friday, finished the day at $71.93. The barrel price of Brent oil increased by 0.56 percent compared to the closing date at 09.23, reaching 72.34 dollars. At the same time, West Texas Intermediate (WTI) crude oil was sold at $68.70 per barrel.
The increase in oil prices continues to be influenced by the ongoing conflicts in the Middle East and the expectation that economic activity in the United States and China, the world’s largest oil-consuming countries, will increase oil demand.
Israel’s air strikes continue in many regions in the south and east of Lebanon.
The Israeli army, which has been continuing controlled clashes with Hezbollah since October 8, 2023, launched hundreds of air strikes on Lebanon’s southern cities as well as the Bekaa and Baalbek regions on September 23. According to Lebanese authorities, a total of 1,174 people, including 104 children and 194 women, have died since September 17, when the communication devices used by Hezbollah were detonated.
While hundreds of thousands of people are displaced within the country due to Israeli bombardment, Hezbollah responds with rockets and missiles, mostly targeting army bases on the Israeli side.
Lebanese Hezbollah emphasizes that the conflicts in the region will end only if Israel’s attacks on Gaza stop.
On the other hand, analysts stated that the employment-oriented data to be announced in the USA this week may give clues about the steps the US Federal Reserve (Fed) will take in the coming period, and that the data in question is expected to provide more information about the course of the US economy.
Experts stated that inflation indicators coming in below expectations in the USA increased expectations that the Fed could now focus on supporting the labor market and continuing to reduce interest rates.
While the economic incentives announced by the government last week in China, the world’s largest crude oil importer, continue to have a positive impact on the markets, the government has made statements that banks will reduce mortgage interest rates to solve the current problems in the housing sector.
The expectation that the steps taken by China to increase economic activity will positively affect the oil demand in the country supports the increase in prices.
It is stated that technically, for Brent oil, the range between 72.89 and 73.78 dollars can be viewed as resistance, and the range between 70.66 and 69.10 dollars can be viewed as support zone.
