Brent crude starts the day with an increase!

Brent crude finished the day yesterday at the 77.59 dollar level. Today, it rose by 0.41 percent compared to the market close to reach 77.911 dollars. At the same time, West Texas Intermediate (WTI) crude oil was trading at 72.58 dollars per barrel.

CONSUMING FASTER THAN EXPECTED

According to the American Petroleum Institute's forecast, crude oil stocks in the country showed a decline of 5 million 215 thousand barrels. Market expectations were for a decrease of 1 million 200 thousand barrels, but last week, stocks in the US had fallen by 7 million 418 thousand barrels.

While the rapid decline in US oil stocks has influenced prices to rise, the US Energy Information Administration stated that they will announce official oil stock data during the day.

Concerns over global supply shortages have returned to the agenda following the halt of production at Libya's largest oil field. The National Oil Corporation declared force majeure at the Sharara Oil Field in Southern Libya over the weekend. The oil field, which has a daily production capacity of 340 thousand barrels, accounted for approximately one-third of the country's production.

It was stated that technically, the 78.04 to 78.58 dollar range can be monitored as a resistance zone for Brent crude, while the 77.19 to 76.96 dollar range can be monitored as a support zone.

News Source: AA