Oil is on the Rise Again After Yesterday's Decline

The economic slowdown in commodity products yesterday triggered sales. Oil prices, which fell sharply by more than 8 percent after this situation, started to rise again today.

With China's step to recover energy consumption, crude oil prices rose close to 1 percent. The barrel price of West Texas-type crude oil, which fell 8 percent yesterday to the lowest level since April, climbed close to 1 percent today. While the US investment bank Goldman Sachs stated that global consumption is above supply, analysts at Citi, an organization of the Rockefeller family, underlined that the price of oil could fall below $ 70 a barrel. Goldman analysts noted that despite the increased likelihood of recession, the global economy is still growing and oil demand will exceed growth performance. Expert analysts predict that critically low stocks will be insufficient to meet increasing demand. After falling below $ 100 a barrel yesterday, the price of West Texas type crude oil increased by 0.9 percent today, trading at $ 100.47, while the price of Brent type oil, which fell 9 percent yesterday, is trading at $ 104.32 a barrel, up 1.6 percent. Oil has been volatile in the third quarter of the year amid recession concerns. The US dollar index rose to its highest level in more than 2 years this week, causing pressure on commodities. Some sources in the energy sector noted that gasoline and diesel consumption in the country increased by 90 percent last month to June 2019 levels.