Some positive growth in the US services sector and expectations that production cuts from major oil producers that started this month will limit supply were effective in the rise in prices.
While the US Federal Reserve (Fed) increased the interest rates by a quarter point as expected yesterday, the signals that there will be no further increase after that, became a factor supporting the prices today after the 9 percent decline in oil prices in the last 3 days.
The OPEC+ group led by Saudi Arabia and Russia confirmed at the 48th Joint Ministerial Monitoring Committee Meeting that in addition to the 2 million barrels per day production cut that has continued since October, some countries have decided to make a voluntary cut of approximately 1.6 million barrels per day as of May. had done.
The cut, which was implemented before the travel season when the demand increased, continues to support prices by increasing the concerns about the imbalances that may occur in the markets in the coming period.
Investors focused on the monetary policy decisions of the European Central Bank (ECB) to be announced today and the statements of ECB President Christine Lagarde after the meeting.
On the other hand, the decrease in the commercial crude oil stocks of the USA was another factor supporting the prices with the perception of high demand.
The US Energy Information Administration announced that commercial crude oil stocks in the country decreased by approximately 1 million 300 thousand barrels last week to 459 million 600 thousand barrels.
It is stated that technically, the range of 73.64 to 74.10 dollars in Brent oil can be followed as resistance and the range of 72.39 to 71.60 dollars as a support zone.