SHAFAQNA TURKEY – A barrel of Brent oil rose to $88.95 on Friday to end the day at $86.40. The price of a barrel of Brent oil as of 09.38 today fell by 0.39 percent compared to the close and amounted to $86.06. At the same time, West Texas crude oil (WTI) found buyers at $79.39 per barrel.
Oil prices fell ahead of the OPEC+ meeting on February 1 and the EU embargo on Russian oil products on February 5.
At an online meeting of the OPEC+ group, which includes OPEC and some non-OPEC producing countries, the parties are expected to review their production policies.
In addition, from February 5, the EU embargo on Russian oil products will come into force. The ban is expected to have a negative impact on production. Experts are anxiously awaiting how the start of the embargo will affect prices.
On the other hand, in China, the world’s second-largest oil consumer, expectations of an economic recovery are rising as travel costs and intensity approach pre-Covid-19 levels and no new cases are observed.
China, the world’s largest importer of crude oil, has signaled that steps will be taken to support the rise in oil demand over the weekend. The expectation of an increase in demand has become a factor holding back the decline in oil prices.
It is argued that technically the $86.12 to $86.46 range for Brent oil can be seen as resistance, and the $85.78 to $85.44 range as support.
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