How much is a barrel of Brent crude? (May 7, 2024)

The price of a barrel of Brent crude, which rose to $83.83 yesterday, closed the day at $83.33. As of 09:09, the price of a barrel of Brent crude was $83.53, an increase of 0.24% from the closing price. At the same time, a barrel of West Texas Intermediate (WTI) crude oil was finding buyers at $78.64.

WITH RISK PERCEPTION...

Prices rose due to geopolitical risk perception following Israel's attack on the Palestinian side of the Rafah Border Crossing, which connects the Gaza Strip to Egypt.

According to a report by the official Palestinian news agency WAFA, Israeli forces targeted several buildings in the area with rockets. It was also stated that Israeli artillery units fired on areas near the Rafah Border Crossing and the Kerem Shalom Border Crossing.

The attacks on the region weakened the possibility of a ceasefire in Gaza, raising concerns that conflicts could further escalate in the Middle East, which hosts the majority of global oil reserves, and supported the upward movement of oil prices.

HANIYEH HAD APPROVED THE 'CEASEFIRE'

Hamas Political Bureau Chief Ismail Haniyeh announced yesterday that he had approved the proposals regarding the ceasefire agreement prepared through the mediation of Qatar and Egypt.

Following Hamas's announcement that it had approved the "ceasefire proposals" conveyed by Qatar and Egypt, the Israeli War Cabinet decided to continue attacks in Rafah.

On the other hand, the strengthening of the US dollar against other currencies is limiting the rise in prices. The US dollar index was at 105.26 as of 09:07.

This situation makes oil more expensive for buyers using other currencies, reducing investors' appetite for oil demand.

Technically, it is noted that the $84.02 to $84.45 range can be monitored as a resistance zone for Brent crude, while the $82.97 to $82.35 range can be monitored as a support zone.

News Source: 12punto