Brent crude oil price continues to rise!

The price of a barrel of Brent crude is trading at $78.68 in international markets.

Yesterday, the price of a barrel of Brent crude rose to as high as $79.05 but closed the day at $78.59. As of 09:51 today, the price of a barrel of Brent crude increased by 0.11 percent compared to the closing price, reaching $78.68. At the same time, a barrel of West Texas Intermediate (WTI) crude oil was finding buyers at $73.44.

The changes in prices were influenced by data regarding supply and demand in the U.S. and progress in ceasefire negotiations in the Israel-Palestine conflict.

The U.S. Energy Information Administration (EIA) stated in a report released yesterday that crude oil production, which reached an all-time high of over 13 million 300 thousand barrels per day in December 2023, fell to 12.6 million barrels last month due to cold weather conditions.

The EIA projected that production would recover to reach approximately 13 million 300 thousand barrels per day in February, but would not exceed the record level until February 2025.

According to American Petroleum Institute data, U.S. crude oil inventories increased by 674 thousand barrels. Market expectations were for an increase of 2 million 133 thousand barrels in inventories.

The official inventory data from the U.S. Energy Information Administration will be released today.

On the other hand, positive news flow regarding ceasefire negotiations in the Israel-Palestine conflict eased supply concerns and influenced prices.

Hamas announced in a statement yesterday that it had conveyed its response regarding the "framework agreement" for a prisoner exchange and ceasefire proposal to Egypt and Qatar, and that it had responded "positively."

It is noted that technically, the $78.89 to $79.21 range can be monitored as a resistance zone for Brent crude, while the $78.57 to $78.25 range can be monitored as a support zone.

News Source: AA