Brent oil is traded at $83.67 a barrel in international markets. The barrel price of Brent oil, which rose to $ 85.23 yesterday, completed the day at $ 83.87. The barrel price of Brent oil became 83.67 dollars with a decrease of 0.24 percent as of 09.50 today. In the same minutes, West Texas type (WTI) crude oil found buyers at $79.85 a barrel. The cautious attitude of investors before the massive data flow expected this week in the USA and China, the world’s largest oil consumer countries, was effective in the partial decline in prices.
While the expectation that the US Federal Reserve (Fed) may have come to the end of the rate hikes is getting stronger, the data flow towards the labor market, which will intensify in the country from today, is expected to affect the money markets. While Fed Chairman Jerome Powell’s statements on Friday were interpreted as “neither hawk nor pigeon” in the markets, it is estimated that the Fed will keep the policy rate fixed with 82 percent probability at the meeting on September 20, according to pricing in the money markets.
In China, the cautious attitude of investors ahead of the Purchasing Managers’ Index data to be announced this week has reduced purchases and pressured prices downwards.
On the other hand, the possibility that Storm Idalia, which is moving towards the US state of Florida, may cause power cuts and negatively affect the production of oil refineries in the gulf region, raises supply concerns in the markets and supports prices upwards.
Yesterday, US President Joe Biden approved the decision to declare a state of emergency for the state of Florida due to the possible effects of the approaching Storm Idalia. Storm Idalia is predicted to reach the Florida coast early tomorrow.
It is stated that technically, the range of 84.01 to 84.36 dollars in Brent oil can be followed as a resistance and the range of 83.66 to 83.31 dollars as a support zone.
