Brent crude oil price per barrel sees a decline

The price of a barrel of Brent crude, which rose to $83.58 on Friday, closed the day at $83.56. As of 10:08 today, the price of a barrel of Brent crude was $83.47, a decrease of 0.10 percent from the closing price. At the same time, a barrel of West Texas Intermediate (WTI) crude oil was finding buyers at $78.37.

Oil prices are following a mixed course due to the ongoing tensions in the Middle East, economic steps taken by China to increase oil demand, and uncertainties regarding the future monetary policy of the US Federal Reserve (Fed).

Brent crude, which closed yesterday's session at its highest level in three weeks following the announcement by the Iran-backed Houthis in Yemen that they had targeted two US ships in the Gulf of Aden in the south of the country, began the day with a decline as investors turned to profit-taking.

Expectations that the latest steps taken by the People's Bank of China (PBoC) to revitalize the real estate sector and overcome the chronic deflationary trend will increase oil demand in the world's second-largest oil-consuming country are also supporting the rise in prices.

WHERE WILL BRENT SHOW RESISTANCE?

Investors are focused on the minutes of the last meeting of the Fed's Federal Open Market Committee (FOMC), which will be released tomorrow. Analysts state that these minutes will provide clues about the path the bank will follow in the coming period, and that the forward guidance of Fed officials is also on the radar of investors.

It is noted that for Brent crude, the $83.51 to $83.53 range can be monitored technically as a resistance zone, while the $83.41 to $83.39 range can be monitored as a support zone during the day.

News Source: AA