Brent Oil Barrel Price Reaches $81.35
The price of Brent oil experienced some fluctuations in the market recently, reaching $82.96 before closing at $81.36. At 09.26, the barrel price fell slightly to $81.35, while West Texas Intermediate (WTI) crude oil was being sold at $76.82 per barrel.
Uncertainties surrounding inflation and high interest rates in the United States, the world’s largest oil consumer, are causing concerns about demand and impacting price movements. There is growing worry that the US Federal Reserve (Fed) may maintain high policy rates for an extended period, potentially stalling economic growth and negatively influencing oil demand.
Despite these concerns, there is an expectation for an increase in gasoline demand in the US as the summer period approaches, providing some support for oil prices. Recent data from the US Energy Information Administration shows a decrease in gasoline stocks for the past 2 weeks, indicating a rise in demand for gasoline in the country.
Technically, Brent oil faces resistance levels between $82.68 and $84.70 and support levels between $80.66 and $78.64. The market remains uncertain as investors monitor developments in the US economy and the Fed’s monetary policy decisions.
