Brent oil price per barrel is $119.68

The barrel price of Brent oil, which rose to 120.29 dollars yesterday, completed the day at 119.81 dollars. As of 09:42, the price of a barrel of Brent oil decreased by 0.11 percent compared to the closing date and became 119.68 dollars. In the same minutes, West Texas type (WTI) crude oil found buyers at $117.33 a barrel.

Concerns that global oil demand would decrease were effective in the partial decline in prices.

On Wednesday, the US Federal Reserve increased interest rates by 75 basis points for the first time in 28 years, and gave verbal guidance that the hawkish policies would continue. In Europe, the Bank of England increased the policy rate by 25 basis points yesterday, in line with the expectations, and signaled that the steps in the upcoming meetings may be stronger.

While these developments increased the concerns about the recession in the markets, the expectations that the global oil demand would decrease also strengthened and pressured the prices downwards.

On the other hand, the US sanctions on companies based in China and the United Arab Emirates, which play a role in Iranian oil exports, cause supply concerns and limit the decline in prices.

The U.S. Treasury Department yesterday sanctioned the front companies of Triliance Petrochemicals and Iran Petrochemical Trading Company in China and the UAE for allegedly helping Iran circumvent sanctions by supporting the sale of Iranian petrochemicals to customers in China and the rest of East Asia.

Making a written statement on the subject, US Secretary of State Antony Blinken stated that the Biden administration is sincere and determined to follow the diplomatic path for mutual return to the full implementation of the Iran nuclear deal.

Blinken also added, "If there is no agreement, we will continue to use our sanction powers to limit exports of oil, petroleum products and petrochemical products from Iran." used the phrase.

It is stated that technically, the range of 119.88 and 120.71 dollars in Brent oil can be followed as resistance, and the range of 119.05 and 118.22 dollars as a support zone.