Brent crude trading at $78.06

After rising to $79.41 yesterday (January 4), the price of a barrel of Brent crude finished the day at $77.59. As of 09:35 today, the price of a barrel of Brent crude was $78.06, an increase of 0.61 percent compared to the closing price. At the same time, a barrel of West Texas Intermediate (WTI) crude was finding buyers at $72.82.

Oil prices continue to rise, driven by data showing a decline in inventories in the U.S., the world's largest oil consumer. The U.S. Energy Information Administration (EIA) announced that commercial crude oil inventories in the country fell by approximately 5.5 million barrels last week to 431.1 million barrels. Market expectations were for a decrease of 2.9 million barrels.

The decline in inventories suggests that demand in the country is increasing more than expected, supporting the upward movement of prices.

Furthermore, the actions of the Houthis targeting ships in the Red Sea continue to impact oil prices. Most recently, the U.S. Central Command announced that the Iran-backed Houthis in Yemen fired two anti-ship missiles into the Red Sea. In response to the incident, Houthi leader Abdul-Malik al-Houthi stated that the U.S. attack targeting the Houthis in the Red Sea would not go unpunished.

Rising tensions in the Middle East, which holds the majority of global oil reserves, are fueling concerns that the situation could lead to a global supply chain crisis in the region and negatively affect energy shipments. This situation also supports the upward movement of prices.

Technically, it is stated that the $78.19 to $78.28 range can be monitored as resistance for Brent crude, while the $77.89 to $77.77 range can be monitored as a support zone.