Brent Oil Barrel Trading at $72.65
Oil Prices Rise as US Inventory Data Shows Unexpected Decrease
Yesterday, the price of Brent oil rose to $74.75 per barrel, closing the day at $72.63. Today, as of 08.42, the price of Brent oil is around $72.65 per barrel, showing a slight increase of 0.02 percent. The Western Texas Intermediate (WTI) crude oil is being sold at $69.01 per barrel.
The unexpected decrease in US commercial crude oil stocks, reported by the American Oil Institute (API), has had a positive impact on oil prices. While the market expected a 2.3 million barrel increase in stocks, the actual decrease of 640 thousand barrels signals a strengthening demand in the United States.
US President Donald Trump’s statements on tariffs against Canada and Mexico have also contributed to the increase in oil prices. During a press conference with French President Emmanuel Macron, Trump confirmed that the tariffs would be applied as planned, raising concerns among market players about potential disruptions in global oil supply.
The uncertainties surrounding the future policies of the US Federal Reserve (FED) are also affecting oil prices. Experts believe that the FED may raise interest rates again in June, as consumer confidence data in the US fell below expectations this month, raising concerns about inflation.
With expectations of a weaker US dollar leading to increased demand for oil, Brent oil is expected to face resistance at $77.12 and support at $70.95.
Overall, the unexpected decrease in US oil inventories and geopolitical tensions are supporting oil prices, while market players continue to monitor developments in the US Federal Reserve’s policy decisions.
