The barrel price of Brent oil, which rose to 114.15 dollars yesterday, completed the day at 109.11 dollars.
The barrel price of Brent oil was $110.13, with an increase of 0.92 percent compared to the closing date at 08:46 am today. In just minutes, a barrel of West Texas type (WTI) crude oil found buyers at $107.67.
The US Power Information Administration (EIA) announced that commercial crude oil stocks in the country decreased by 3 million 400 thousand barrels (0.8%) last week to 420 million 800 thousand barrels. The market expectation was that the stocks would increase by approximately 1 million 500 thousand barrels.
RECOVERY EXPECTATION INCREASED PRICE
The expectation that demand will recover with the gradual easing of Covid-19 restrictions in China was effective in the rise in prices.
In Shanghai, which has entered the eighth week of quarantine measures implemented due to the epidemic triggered by Omicron events in China, one of the world’s largest oil consumers, manufacturing, construction and trade companies carry out their activities under closed-circuit epidemic defense measures.
On the other hand, the EU reported that it plans to invest 300 billion Euros in the power field to end its dependence on Russian oil and gas.
In Brent oil, it is technically stated that the range of 111.14 and 112.10 dollars can be viewed as resistance, and the range of 109.10 and 108.20 dollars as a reinforcement zone.