Brent crude oil price at $79.73 per barrel

After rising to as high as $79.87 yesterday, the price of a barrel of Brent crude oil closed the day at $79.54. As of 09:59 today, the price of a barrel of Brent crude oil increased by 0.23 percent compared to the closing price, reaching $79.73. At the same time, a barrel of West Texas Intermediate (WTI) crude oil was finding buyers at $74.24.

Oil prices started the day with an upward trend, driven by growing concerns over the actions of the Houthis in Yemen targeting ships in the Red Sea and expectations that the US Federal Reserve (Fed) could begin interest rate cuts in March of next year.

The US Naval Forces Central Command reported in a statement on its X social media account yesterday that it had shot down an unmanned aerial vehicle, as well as ballistic and cruise missiles in the Red Sea.

Although it was stated that no ships in the region were damaged during the operation, concerns that tensions in the region will continue to rise supported the upward movement in oil prices. The announcement by some global shipping firms that they would resume Red Sea shipments increased expectations that the ongoing war in the region might have a limited impact on maritime trade, thereby capping the rise in oil prices.

Some shipping companies, including the Danish shipping company Maersk, the French CMA CGM, and the German Hapag-Lloyd, had announced that they plan to continue their shipments despite the attacks.

Experts state that although concerns regarding shipping disruptions in the Red Sea have eased, rising tensions in the Middle East, particularly concerns over potential intervention by Iran, will continue to exert upward pressure on prices.

Expectations that the Fed is nearing the end of its 2-year fight against inflation are also influencing the rise in prices.

Analysts note that macroeconomic data to be released in the US today will provide investors with clues about the direction of the economy.

- Demand concerns rising in the US

On the other hand, the forecast for an increase in US commercial crude oil inventories, signaling weak demand in the world's largest oil-consuming country, limited the rise in prices.

According to data released by the American Petroleum Institute, US crude oil supply increased by 1.8 million barrels last week. The expectation was for an increase of 939 thousand barrels in oil supply.

The US Energy Information Administration will release official oil inventory data today. If the inventories indicate a decline, oil prices are expected to continue their rise.

Technically, it is stated that the $79.78 to $80.01 range can be monitored as resistance for Brent crude, while the $79.41 to $79.27 range can be monitored as the support zone.