Brent crude starts the day with a rise!

Brent crude oil closed last week at 82.95 dollars per barrel. Today, the price per barrel of Brent crude rose by 0.25 percent compared to last week's close, reaching 83.16 dollars. At the same time, West Texas Intermediate (WTI) crude oil was trading at 78.16 dollars per barrel.

The United States Central Command (CENTCOM) announced on Saturday that the U.S. had struck an anti-ship missile belonging to the Iran-backed Houthis in Yemen in the Red Sea. The statement noted that the anti-ship missile was detected in Houthi-controlled territory and was determined to pose a threat to commercial vessels and the U.S. Navy in the region.

OIL PRICES ARE TRENDING UPWARD

Concerns that attacks in the region could escalate into a wider conflict and lead to supply disruptions in the Middle East have supported the upward movement in oil prices.

On the other hand, data indicating strong economic activity in the U.S., the world's largest oil-consuming country, is also contributing to the rise in oil prices.

In the markets, while it is considered certain that the U.S. Federal Reserve (Fed) will keep interest rates unchanged on Wednesday, signals to be taken from the policy statement and the remarks of Fed Chair Jerome Powell are expected to influence asset prices.

Technically, it is stated that the 83.88 to 84.72 dollar range can be monitored as a resistance zone for Brent crude, while the 83.09 to 82.84 dollar range can be monitored as a support zone.

News Source: AA