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Mixed course in oil prices continues!

Brent oil is traded at $99.57 a barrel in international markets.

Mixed course in oil prices continues!

The barrel price of Brent oil, which rose to $ 101.21 yesterday, completed the day at $ 99.57. As of 09:00 today, the price of a barrel of Brent oil remained at the same level as the closing and became 99.57 dollars. In the same minutes, West Texas type (WTI) crude oil found buyers at $ 96.31 a barrel.

In global markets, the mixed course in oil prices continues with the concerns that the inflation data announced in the USA yesterday will further hawk the US Federal Reserve (Fed) and the country will enter recession.

According to the data released yesterday, while the Consumer Price Index (CPI) in the USA increased by 1.3 percent monthly and 9.1 percent annually, far surpassing expectations, the fear that the Fed may become more hawkish in its tightening policies to control inflation increases the risk perception.

On the other hand, while the increasing number of cases in the new type of coronavirus (Kovid-19) epidemic continues to erode the risk appetite throughout the region, China continues to increase restrictions in some cities.

Investors expect a slowdown in inflation and a decrease in crude oil demand after a major rate hike in the US.

US President Joe Biden is also expected to visit Saudi Arabia tomorrow. It is stated that the said visit will directly affect the oil markets.

It is stated that technically, the range of $ 97.46 to $ 100.35 in Brent oil can be viewed as resistance, and the range of $ 95.22 to 96.81 as support.

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