Brent Crude Oil Price per Barrel: $62.73

The barrel price of Brent crude, which rose to $63.71 yesterday, closed the day at $63.18.

The price of a barrel of Brent crude oil fell 0.71 percent to $62.73 as of 9:37 a.m. At the same time, a barrel of West Texas Intermediate crude oil was trading at $58.77.

Uncertainty regarding trade policies between the US and China was influential in the decline in prices.

Last week, US President Donald Trump threatened China with tariff hikes after it imposed restrictions on rare earth exports. He then announced that the US would impose a 100% tariff on China, in addition to the tariffs it currently pays, effective November 1. Trump later stated that there was no need to worry about China and that everything would be fine.

US Vice President J.D. Vance also said the US was ready to negotiate if China was "willing to act reasonably," but otherwise the US had "much more leverage."

Despite lukewarm statements from US officials, uncertainty about the course of trade talks between the two major economies continues to support demand concerns.

Additionally, the decline in geopolitical risks in the Middle East is also supporting the downward trend in prices. Yesterday, the Sharm el-Sheikh Peace Summit was held in Egypt, with numerous leaders in attendance, to discuss the ceasefire agreement reached in Gaza.

On the other hand, the Organization of the Petroleum Exporting Countries (OPEC) pointed to a steady increase in demand in its oil market report published yesterday and did not change its global oil demand growth forecasts for this year and next year.

The International Energy Agency's (IEA) oil market report will be released today. Markets are facing ongoing concerns about demand and supply, and the IEA's demand forecasts and supply projections will be closely watched today.

Technically, Brent crude oil is being watched as a resistance zone at $69.58 and a support zone at $62.03.

Reporter: Gazete Enerji