Brent, which moved up and down in the third week of July, is preparing to close the week positively. Developments originating from China continue to have a great impact on the brent oil price in recent days.
Weak economic data from the Asian giant China in the first days of the week triggered the concerns that the demand for oil will decrease. The precious energy resource fell slightly during the week as the world’s second largest economy did not meet its annual GDP growth expectations. However, the Jinping government’s incentive plans to increase demand raised the production expectation again.
Chinese authorities want increased sales of cars and electronics.
Brent Oil Price
Brent, which closed Monday at $78, found buyers at the support level and rose to $80 again on the last day of the week.
If the precious commodity closes above $82, it can rise to the next resistance at $86. For a sell-off below $78, another support level below is found at $71.5.
The International Energy Agency shared a report that demand will increase in the coming period.
