Brent Oil Cruised Above $90 A Barrel

Brent oil cruised above $90 a barrel on February 11. Today in global markets, Brent oil is priced at $ 90.67 a barrel.

Brent oil, which went up to $ 93.06 yesterday, closed the day at $ 91.41. Today, at 09:28, the barrel of Brent oil, which decreased by 0.8 percent compared to the closing, is trading at $ 90.67. At the same time, West Texas type (WTI) crude oil was traded at $89.25 a barrel. Inflation data in the USA, which reached the peak of the last 40 years, and negotiations on the implementation of the nuclear agreement in Vienna played a role in the decrease in oil prices. In the US, the Consumer Price Index (CPI), increased by 0.6 percent monthly and 7.5 percent annually in January, rising above market expectations. Investors' risk appetite decreased with the possibility of the US Federal Reserve (Fed) to raise interest rates by 50 basis points in March, following the announced data. The appreciation of the US dollar against other currencies is effective in the increase in crude oil prices determined in dollars and the decrease in purchases. Experts predict that although the contraction in the oil market continues, the rapid rise in prices has stopped, and if the dollar continues to rise, oil prices may decrease further. On the other hand, OPEC kept its forecast for the increase in global oil demand for this year fixed in its monthly oil market report published yesterday. Accordingly, global oil demand will increase by 4 million 150 thousand barrels on a daily basis compared to last year and reach 100 million 790 thousand barrels this year. It was stated that the range of $91.01 to $91.19 can be viewed as resistance, and the range of $90.57 to $90.39 as support in Brent oil.