Brent Crude Oil Price per Barrel: $68.10

The price of Brent crude oil rose to $68.35 per barrel yesterday and closed the day at $68.18.

The price of Brent crude oil fell 0.11 percent to $68.10 a barrel as of 9:10 a.m. At the same time, West Texas Intermediate crude oil was trading at $64.11 a barrel.

The partial decline in prices was driven by expectations that the US Federal Reserve (Fed) would cut interest rates. Investors are awaiting the outcome of the Fed meeting.

It is anticipated that the Fed will cut interest rates by 25 basis points today and that this step will stimulate the economy and increase fuel demand.

Experts, however, say market players should remain cautious, as a global supply surplus appears almost certain for the remainder of 2025 as the OPEC+ group, consisting of the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producing countries, increases production.

While expectations for the Fed's monetary easing appear to be spreading into next year in money market pricing, it is estimated that the Bank will make a total of three interest rate cuts in 2026.

The expected interest rate cut is expected to increase fuel demand through lower borrowing costs.

Experts say that any movement in risky assets like oil will be short-lived and that an additional 25 basis point interest rate cut is possible in October and December.

On the other hand, data from the American Petroleum Institute released on September 16 showed that crude oil and gasoline inventories in the US fell last week, while distillate inventories increased.

Crude oil inventories decreased by 3.42 million barrels and gasoline inventories decreased by 691,000 barrels in the week ending September 12. Distillate inventories increased by 1.91 million barrels compared to the previous week.

It is stated that technically, $68.80 can be watched as the resistance zone and $65.42 as the support zone for Brent oil.

Reporter: Gazete Enerji