A barrel of Brent oil is traded at $74.92 in international markets. Analysts state that investors are avoiding taking risky positions before the election and that the interest rate decision to be announced by the US Federal Reserve (Fed) on Thursday, which is expected to give clues about economic growth in the country, will be closely followed.
Hectic world agenda has an impact on prices
In the USA, the world’s largest oil consuming country, it is expected that economic activity will be shaped according to the election results and will direct the oil demand.
While the ongoing work on the possibility of a ceasefire in Gaza was partly effective in the decline in prices; News that Israel rejects all ceasefire proposals restricts the decline in prices.
Statements of the OPEC+ group…
Although there is a decrease in oil prices on a daily basis, prices have been on an upward trend since October 28. The price increase is due to the OPEC+ group’s announcement that they will wait a little longer to increase their oil production and the ongoing tension in the Middle East.
It is stated that technically, in Brent oil, $78.51 can be watched as resistance and $70.59 can be watched as support.
Source: www.dunya.com
