What is the price of a barrel of Brent crude? April 23, 2024

The price of a barrel of Brent crude, which rose to $87.25 yesterday, closed the day at the $87 level. As of 09:35 today, the price of a barrel of Brent crude decreased by 0.15 percent compared to the closing price, reaching $87.13. A barrel of West Texas Intermediate (WTI) crude was also finding buyers at $81.02.

AT THE LOWEST LEVEL

Oil prices, which fell to their lowest levels in about a month yesterday as tensions in the Middle East eased, have begun to rise again due to profit-taking and expectations of a tight supply-demand balance in the markets in the coming months.

With the approach of the summer months, when an increase in oil consumption is expected, a tightening on the supply side is anticipated in the markets.

News flow regarding the U.S. canceling the license that allowed Venezuela, which has a daily export capacity of approximately 600 thousand barrels, to export oil to global markets and reimposing sanctions, as well as reports that Mexico is preparing to restrict its exports due to strong domestic demand, is also fueling supply concerns.

On the other hand, concerns regarding the global economy, the increase in crude oil stocks in the U.S.—the world's largest oil consumer—and the "hawkish" stance of the U.S. Federal Reserve (Fed), which has led to the strengthening of the dollar, continue to suppress the rise in oil prices.

It is noted that technically, the $87.7 to $89.15 range can be monitored as a resistance zone for Brent crude, while the $86.25 to $84.8 range can be monitored as a support zone.

News Source: 12punto