Brent Oil Dropped to $77 a Barrel

Brent oil dropped to $77 a barrel on September 29. Today, in global markets, a barrel of Brent oil is priced at $77.06.

Brent oil, which closed the day at $73.85 yesterday, decreased by 1.65% compared to the closing at 09:30 am today and is trading at $77.06. At the same time, West Texas Intermediate (WTI) crude oil was traded at $73.98 a barrel. The forecast for an increase in the commercial crude oil stocks of the USA, the world's largest oil consumer, played a role in the decline in prices. The American Petroleum Institute predicted that the US commercial crude oil stocks will increase by 4 million 127 thousand barrels compared to the previous week, contrary to the expectations. The market expectation was that inventories would decrease by 2 million 333 thousand barrels. The U.S. Energy Information Administration will release official oil stock data today. If an increase in stocks is indicated, this will be the first increase in US stocks in 8 weeks. This surprise prediction stopped the rise of prices, supported by concerns about the supply-demand gap in global markets, but experts say that the upward trend in prices, which has been on the rise in recent weeks, will continue. On the other hand, the ongoing crisis regarding the increase in the debt ceiling in the USA also worries the markets. In their statements in the Senate yesterday, both the US Federal Reserve Chairman Jerome Powell and the US Treasury Secretary Janet Yellen stated that not raising the debt ceiling would be disastrous. In technical terms, it is stated that the range of $77.23 to $77.61 can be viewed as resistance and the range of $76.85 to $76.47 as support in Brent oil.