The barrel price of Brent oil, which rose to $ 75.25 yesterday, completed the day at $ 74.28. The barrel price of Brent oil was $75.05, an increase of 1.03 percent compared to the closing date as of 09:21 today. In the same minutes, West Texas type (WTI) crude oil found buyers at $70.77 a barrel.
The rise in prices was driven by the adoption of the US debt limit bill and expectations for a pause in interest rate increases.
The debt limit is expected to be suspended until January 1, 2025, when the US Senate approves the bill that will prevent the country from defaulting by increasing the debt limit. The bill will be submitted for signature by US President Joe Biden to become law.
The increase in the commercial crude oil stocks of the USA, on the other hand, creates the perception that the demand is low in the world’s largest oil consumer, suppressing the rise in prices.
The U.S. Energy Information Administration announced that commercial crude oil inventories in the country rose by about 4.5 million barrels last week to 459 million 700 thousand barrels. The market expectation was that inventories would increase by 5 million 202 thousand barrels.
Strategic crude oil stocks, which are not included in commercial crude oil stocks, decreased by 2 million 500 thousand barrels to 355 million 400 thousand barrels.
In the said period, US gasoline stocks decreased by 200 thousand barrels and decreased to 216 million 100 thousand barrels.
On the other hand, markets will closely follow the meeting of the OPEC+ group on June 4. Although some experts do not foresee a policy change towards production at this meeting, it is thought that weak production data from China and the USA may make OPEC+ cuts more likely.
According to the data released on Thursday in the USA, the Supply Management Institute (ISM) manufacturing index was realized as 46.9 in May, slightly below the market expectations, while the contraction in the manufacturing industry continued.
In China, it was announced this week that the Manufacturing Industry Purchasing Managers Index (PMI) dropped to 48.8. The said data pointed out that the contraction in the manufacturing industry of the world’s largest oil importer has accelerated.
It is stated that technically, the range of $75.13 to $75.27 in Brent oil can be viewed as resistance, and the range of $74.72 to $74.45 as support.