Brent Crude Oil Price per Barrel: $65.62

The price of a barrel of Brent crude, which rose to $67.42 yesterday, closed the day at $66.16.

The price of a barrel of Brent crude fell 0.8 percent to $65.62 as of 9:45 a.m. At the same time, a barrel of West Texas Intermediate (WTI) crude was trading at $62.62.

Oil prices have trended lower amid concerns that global demand will be suppressed by tariffs and a potential oversupply could occur.

US President Donald Trump's announcement of new restrictions on Russia's oil sector and the imposition of high tariffs on India provided short-term support to prices, but the impact was not permanent.

Trump's bilateral tariffs on major trading partners took effect on August 7, reinforcing expectations that global economic disruptions could escalate and negatively impact oil demand.

Increasing speculation about who will replace US Federal Reserve (Fed) Chair Jerome Powell after his term ends and the strengthening of the dollar were also among the factors putting pressure on oil.

On the other hand, concerns that demand could slow due to increased trade tariffs in the US were influential, while the weakening in the US labor market deepened these concerns.

On the supply side, the decision of the OPEC+ group, comprised of the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producing countries, to increase its production quota once again in September has increased pressure on prices. The group continues to gradually withdraw the production cuts it has implemented for nearly three years.

News flows about a possible meeting between Trump and Russian President Vladimir Putin regarding the war in Ukraine also dampened risk perception in global markets, putting pressure on prices.

It is stated that technically, $72.12 can be watched as resistance and $65.09 as support for Brent crude oil.

Reporter: Gazete Enerji