Oil prices fell ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting to be held this week and economic data from the USA, the world’s largest oil consumer.
Although a decision on production is not expected at the OPEC meeting, it is expected to give clues about the oil market in the period when low demand concerns continue.
Saudi Arabian Energy Minister Abdulaziz bin Salman said at the OPEC meeting held in June that his country will voluntarily cut an additional 1 million barrels per day of oil production for July, and that this cut may be extended depending on the situation. At the meeting in question, OPEC announced that it would continue its decision to cut 1.6 million barrels per day as a group.
On the other hand, data released last week supported the rise in oil prices while easing recession concerns. However, fears of rising US interest rates and falling demand continue to weigh on oil prices. Market players await new economic data from the US this week.
In addition, the steps to be taken by the US Federal Reserve (Fed) regarding interest rates at the meeting to be held this week will be followed closely.
It is stated that technically, the range of $ 75.56 to $ 75.65 in Brent oil can be viewed as resistance and the range of $ 75.12 to 74.99 as support.