SHAAFQNA TURKEY – The price of a barrel of Brent oil, which rose to $78.50 yesterday, ended the day at $76.26. The price of a barrel of Brent oil was $76.10, down 0.2 percent from the closing date of 09:07 today. At the same time, West Texas crude oil (WTI) found buyers at $71.82 per barrel.
Contradictory reports from Russia and Saudi Arabia, as well as a stronger dollar ahead of the next OPEC+ meeting, contributed to limited price cuts.
According to international media reports, Russian Deputy Prime Minister Alexander Novak said on Thursday that it is unlikely that the OPEC+ group will decide on a new cut in oil production at its next meeting.
Noting that, according to his forecasts, oil prices will be slightly above $80 per barrel, and demand will continue to grow in the summer months, Novak stressed that their task is not to drive up prices, but to ensure the interests of both the producer and the consumer.
Abdulaziz bin Salman warned
Saudi Energy Minister Abdulaziz bin Salman warned those who opened a position to sell oil earlier in the week to “be careful.”
The aforementioned statements supported prices throughout the week, adding to market participants’ predictions that the OPEC+ group could make further cuts to support prices at its June 4 meeting.
A rise in the dollar index, which measures the value of the US dollar against other currencies, makes dollar-denominated oil more expensive for buyers using other currencies. This leads to less purchases and lower prices.
On the other hand, developments related to the US debt limit crisis continue to be the focus of investors’ attention.
Recalling that they had several productive meetings with House Speaker Kevin McCarthy on the debt limit, US President Joe Biden said negotiators were continuing negotiations and progress had been made.
It is indicated that technically the range of $76.32-76.49 for Brent oil can be considered as resistance, and the range of $75.97-75.79 as a support zone.
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