Brent crude oil is trading at $72.65 a barrel

The price of a barrel of Brent oil, which rose to $74.75 yesterday, closed the day at $ 72.63. As of 08:42 today, the price of a barrel of Brent oil rose by approximately 0.02 percent compared to the closing price, reaching $72.65. At the same time, a barrel of West Texas Intermediate (WTI) crude oil found buyers at $69.01.

Oil prices followed a sideways trend, influenced by data showing that inventories in the United States, the world's largest oil consumer, decreased contrary to expectations.

The American Petroleum Institute (API) reported that U.S. commercial crude oil inventories fell by 640,000 barrels last week compared to the previous week. Market expectations were for inventories to increase by 2.3 million barrels. The decrease in inventories, contrary to expectations, indicated that demand in the U.S. was strengthening, and had an upward impact on oil prices.

The US Energy Information Administration (EIA) is expected to release official stockpile data during the day.

In addition, US President Donald Trump's comments on tariffs against Canada and Mexico at a press conference with French President Emmanuel Macron at the White House yesterday also supported the prices.

When asked whether the delayed tariffs on Canada and Mexico would be implemented at the meeting, Trump responded, "The tariffs are progressing on time and as planned," reinforcing market players' expectations that there would be a problem with global oil supply.

Trump signed an executive order on February 1 that imposed an additional 25 percent tariff on imports from Canada and Mexico and a 10 percent tariff on imports from China , and on February 3, he announced that tariffs on Canada and Mexico would be suspended for 30 days in exchange for increased border security.

In addition, uncertainties regarding the roadmap that the US Federal Reserve (Fed) will follow in the future continue to have an impact on oil prices.

Experts believe that the US Federal Reserve (Fed) may start cutting interest rates again in June, as consumer confidence data in the US came in below expectations this month and concerns about accelerating inflation increase.

Low interest rates are expected to cause the US dollar to lose value against other currencies, increasing oil demand and pushing prices upwards.

It is stated that technically, $77.12 can be monitored as resistance and $70.95 as support for Brent oil.