Brent oil price, which has been moving up and down in the light of global developments in recent days, is calm today. The supply-side news that resonated in the previous week caused the precious commodity to surge above the $80 level. Then, the weak economic data from China extinguished the brentina fever a little bit.
Brent Petroleum is looking forward to the stock data coming from the USA today. Critical data, which emerged as 3.02 million last week, can have a significant impact on the price. Experts expect inventories to drop to 2.3 million barrels, according to a Reuters poll.
Brent Oil Price
Brent, which started flat on Tuesday morning, is experiencing one of the days when it is the least active after months. Brent, which has gained only 0.02% since the beginning of the session, is currently trading at $78.29.
The precious commodity is trying to turn the resistance level, which it could not exceed 2 times before, to a support. If the oil price holds at this level, it can move back above $80 or even up to $86 resistance.
The International Energy Agency, which shared a report last week, expects the demand for black gold to increase.
