Increase in Brent crude oil barrel price (March 8, 2024)

The price of a barrel of Brent crude oil, which rose to $83.52 yesterday, closed the day at $83.27.

As of 09:31 today, the price of a barrel of Brent crude oil increased by 0.30 percent compared to the closing price, reaching $83.52.

At the same time, a barrel of West Texas Intermediate (WTI) crude oil was trading at $79.58.

The rise in prices was driven by positive economic indicators from the US, the world's largest oil consumer, and China, the largest crude oil importer.

According to data released by the General Administration of Customs of China, China's oil imports increased by 5.1 percent in the first two months of the year compared to the same period last year.

In the US, data released by the Energy Information Administration (EIA) on Wednesday showed that gasoline stocks in the country fell by approximately 4 million 500 thousand barrels last week, while distillate stocks fell by 4 million 100 thousand barrels, both exceeding expectations.

These data strengthened the perception that demand remains strong in China and the US, positively impacting oil prices.

Signals from US Federal Reserve (Fed) Chair Jerome Powell during his presentation to the US Senate Committee on Banking, Housing, and Urban Affairs that the Fed could begin interest rate cuts this year also contributed to the price increases.

Stating that they are not far from the confidence needed to ease monetary policy, Powell noted that policymakers are also aware of the risks that would arise if interest rates were cut too late.

Additionally, attacks by the Iran-backed Houthis in Yemen in the Red Sea are affecting ship traffic in the region, driving up oil prices.

The Houthis announced yesterday that US and British forces carried out 2 attacks on the city of Al-Hudaydah in the west of the country.

The US and UK have intensified their attacks on Hudaydah in response to Houthi attacks targeting Israeli ships and their allies in the Red Sea.

It is noted that technically, the $83.64 to $83.81 range can be monitored as a resistance zone for Brent crude, while the $83.25 to $83.08 range can be monitored as a support zone.