The barrel price of Brent oil, which rose to $ 73.72 yesterday, completed the day at $ 72.50. As of 09:29, the price of a barrel of Brent oil increased by 1.3 percent compared to the closing date and became 73.47 dollars. At the same time, West Texas Intermediate (WTI) crude oil found buyers at $69.44 a barrel.
Expectations that the US Federal Reserve (Fed) will stop raising interest rates in the coming period and that major oil producers may cut production at the next meeting to be held in June were effective in the rise in prices.
The removal of the statement in the Fed’s resolution published on Wednesday, stating that “some additional policy tightening is foreseen to be appropriate to achieve a sufficiently restrictive stance” was interpreted as a signal of a possible pause in the bank’s tightening cycle.
Despite the OPEC+ group’s announcement of new production cuts at its April meeting, oil prices continued to fall due to the economic recession and concerns about interest rate hikes, and eyes were set on the group’s next meeting to be held on June 4.
The OPEC+ group led by Saudi Arabia and Russia, at the 48th Joint Ministerial Monitoring Committee Meeting, decided to make voluntary cuts of approximately 1.6 million barrels per day as of May, in addition to the 2 million barrels per day production cut that has continued since October. had confirmed.
On the other hand, expectations of a slowdown in demand in the USA and China suppress prices.
While the banking crisis, which is thought to be left behind, was effective again in the USA, after Pacwest’s announcement that it is evaluating its options, including the sale of strategic assets, and that talks with potential investors and partners who have shown interest in the recent period, have lost more than 50 percent in value.
Manufacturing activity in China unexpectedly contracted in April amid falling orders and weak domestic demand. The Purchasing Managers Index (PMI) of the service sector, announced today in China, dropped to 56.4.
It is stated that technically, the range of 73.70 to 74.86 dollars in Brent oil can be followed as a resistance and the range of 71.40 to 70.26 dollars as a support zone.