Brent crude oil price at $87.56 per barrel

The price of a barrel of Brent crude oil, which rose to $89.83 on Friday, closed the day at $88.21. As of 09:14 today, the price of a barrel of Brent crude oil was $87.56, a decrease of 0.73 percent from the closing price. At the same time, a barrel of West Texas Intermediate (WTI) crude oil was trading at $83.14.

Oil prices started the week with a decline due to increased efforts to reach a ceasefire in Gaza and the continued uncertainty regarding the interest rate decision of the US Federal Reserve (Fed).

US Secretary of State Antony Blinken met with regional partners in Saudi Arabia to hold talks aimed at achieving a ceasefire between Israel and Palestine.

According to a written statement from the country's State Department, it was stated that Blinken would discuss ceasefire efforts in Gaza, the release of hostages, and humanitarian aid to Gaza.

The possibility of a ceasefire in the Middle East, where major oil producers and trade routes are located, has reduced supply concerns and supported the downward movement of oil prices.

At the same time, uncertainties regarding the US Federal Reserve's (Fed) interest rate decision continue to have a downward effect on oil prices in global markets.

With the mixed signals from data released in the US last week, expectations in money markets that the Fed will make its first interest rate cut toward the last quarter of the year continue to be pushed back.

High interest rates cause the US dollar to strengthen against other currencies, making oil more expensive for countries using other currencies. This situation creates a negative impact on oil prices.

Technically, it is noted that the $87.87 to $88.16 range can be monitored as resistance, and the $87.43 to $87.28 range as the support zone for Brent crude oil.

News Source: AA