Brent crude starts the day with an increase!
The barrel price of Brent crude is trading at $80.62 in international markets today, an increase of 0.08 percent compared to yesterday.
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Brent crude closed the day yesterday at $80.55. Today, Brent crude is at $80.62, an increase of 0.08 percent from the previous close. At the same time, the barrel price of West Texas Intermediate (WTI) crude was finding buyers at $75.92.
Oil prices rose following the US Federal Reserve's (Fed) decision to keep interest rates steady and Fed Chair Jerome Powell's remarks suggesting that interest rate hikes have come to an end.
Powell noted that they are seeing the effects of tightening on economic activity and inflation, and that the risks to achieving employment and inflation targets have reached a better balance.
THE IMPACT OF THE FED DECISION ON OIL
Furthermore, according to macroeconomic data released yesterday, the fact that private sector employment in the US increased below market expectations strengthened expectations that the Fed could begin cutting interest rates starting in June, contributing to the rise in oil prices.
The announcement that China, the world's second-largest oil consumer, will provide economic support to the real estate sector following the liquidation order for the debt-ridden real estate company Evergrande also supported expectations that oil demand in the country will increase, contributing to price gains.
According to experts, China will continue to have the largest share in the increase in oil demand this year.
Concerns that attacks by the Iran-backed Houthis in Yemen on shipping in the Red Sea will increase costs and disrupt global oil trade also continue to support prices on the upside.
Tensions in the region escalated further after the Houthis announced they had struck a US-owned commercial vessel heading toward Israeli ports in the Red Sea.
Houthi Military Spokesperson Yahya Saree stated in a post on the X social media platform that they carried out the attack a few hours after they targeted the US Navy destroyer "USS Gravely." Emphasizing that they would not hesitate to respond to US and British attacks, Saree reiterated that US and British ships passing through the Red Sea are legitimate targets for them.
Technically, it is stated that the $81.35 to $81.64 range can be monitored as a resistance zone for Brent crude, while the $80.18 to $79.80 range can be monitored as a support zone.