The barrel price of Brent oil, which rose to $73.51 yesterday, closed the day at $73.34. The barrel price of Brent oil rose about 0.2 percent compared to today's close at 9:32 a.m. to reach $73.48. At the same time, West Texas Intermediate (WTI) crude oil sold for $70.01 per barrel.
The fact that it is certain that the US Federal Reserve (Fed) will cut interest rates next week, the flood of data suggesting that oil demand in the country is increasing and the intensification of Israel's attacks on Syria have contributed to this increase in the prices.
After analysts said the U.S. inflation data spike was not high enough to dissuade the Fed from cutting interest rates for a third time next week, the likelihood that the bank will cut rates by 25 basis points next week rose to 98 percent the formation of prices on the money markets.
Low interest rates are predicted to increase demand for oil by causing the US dollar to lose value against other currencies. The dollar index, which measures the value of the U.S. dollar against other currencies, fell 0.14 percent from the previous session to 106.6 at 09.32 (06.32 GMT). This makes dollar-denominated oil cheaper for buyers using other currencies, leading to an increase in purchases.
Additionally, the sharper-than-expected decline in U.S. crude oil inventories suggests demand is increasing in the world's largest oil consuming country, supporting the upward movement in prices.
The US Energy Information Administration (EIA) said commercial crude oil inventories in the country fell by about 1 million 400 thousand barrels to 422 million barrels last week. The market expected inventories to fall by about 1 million barrels.
In addition, the intensification of Israeli attacks on Syria following the fall of the Ba'athist regime continues to lead to rising prices, fueling supply concerns among market participants.
While declaring that Israeli forces had expanded their occupation in the Quneitra region of southwestern Syria, the Israeli army, which had occupied the villages of Marriye and Kodana, dropped a statement on the air before entering Kodana in which it claimed that the conflicts in the region have forced the Israeli army to take action.
The Israeli army began destroying the regime army's remaining military infrastructure and facilities and expanded its occupation of the Syrian Golan Heights. The boundaries of the buffer zone and the demilitarized zone were established by the troop withdrawal agreement signed between Israel and Syria in 1974.
It is stated that technically, $74.48 can be considered as resistance and $70.68 as support for Brent oil.
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