The barrel price of Brent oil, which rose to $ 77.50 on Friday, closed the day at $ 75.58. The barrel price of Brent oil became 74.90 dollars with a decrease of 0.89 percent compared to the closing date as of 08:40 today. In the same minutes, West Texas type (WTI) crude oil found buyers at $71.11 a barrel.
The weaker-than-expected economic data in the US and China, raising demand concerns, was instrumental in the decline in prices.
Moreover, the global macroeconomic data influx continues to put downward pressure on prices, leading to uncertainty over oil demand.
Experts predict that oil supply will not be affected if the ceiling price for Russian oil is applied more strictly.
According to the International Energy Agency’s (IEA) monthly oil market report released last week, global oil demand is expected to reach 102 million barrels this year, with an increase of 2 million 200 thousand barrels per day compared to last year.
On the other hand, the report of the US Treasury Department stated that Russia’s oil income fell even though the country increased its oil exports by 5 to 10 percent in April compared to March 2022.
According to the weekly data released by the oil field services company Baker Hughes, the number of oil rigs in the US decreased by 11 to 575 in the week of May 13-19, compared to the previous week.
It is stated that technically, the range of 74.76 to 75.68 dollars in Brent oil can be followed as resistance and the range of 73.94 to 73.13 dollars as support.