Oil prices fall | Economic News

Brent oil is traded at $ 62.61 a barrel in international markets.

The barrel price of Brent oil, which rose to $ 63.55 yesterday, completed the day at $ 63.16. Brent oil’s barrel was traded at $ 62.61, down 0.87 percent from close today as of 09.46. At the same time, a barrel of West Texas type (WTI) crude oil found buyers at $ 59.20.

The unexpected increase in US gasoline stocks reinforced the perception that crude oil demand is declining in the world’s largest oil consumer.

According to data released yesterday by the US Energy Information Administration, gasoline stocks increased by 4 million barrels last week, after refineries increased their production before the summer season, when vehicle use was on the rise.


In the period in question, although the USA’s commercial crude oil stocks decreased more than expected by 3 million 500 thousand barrels, the increase in fuel stocks, which is an indicator of short-term demand, strengthened the negative atmosphere in demand by market players.

The stronger economic growth expectation created by the International Monetary Fund raising its global growth forecast from 5.5 percent to 6 percent this year restricts the downward course of prices due to the increase in demand for oil and petroleum products and contributing to the reduction of stocks.

On the other hand, within the framework of the negotiations to revive the Iran nuclear deal, the concern that the oil supply will rise with the lifting of certain sanctions in Iran, which is exempt from the production cuts of the OPEC group, is seen as an important factor on the prices.
It is stated that in Brent oil, technically, the range of $ 62.77 and $ 63.05 can be watched as the resistance zone, and the range of $ 62.49 and $ 62.21 as the support zone.


Source: bigpara- GÜNDEM by bigpara.hurriyet.com.tr.

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