The barrel price of Brent oil, which rose to $ 77.74 yesterday, completed the day at $ 76.84. The barrel price of Brent oil was $77.63, an increase of 1.02 percent compared to the closing date as of 09.26 today. At the same time, West Texas Intermediate (WTI) crude oil found buyers at $73.78 a barrel.
The increase in prices was driven by the prediction of a decrease in oil stocks in the USA, the world’s largest oil consumer, and the possibility of OPEC+ group to increase production cuts.
The American Petroleum Institute announced that the country’s crude oil stocks were expected to decrease by 6 million 799 thousand barrels last week compared to the previous week. The market expectation was that there would be an increase of 525,000 barrels.
The projection of a decrease in inventories created the perception that the demand was high in the country and supported the prices. Official stock data from the U.S. Energy Information Administration will be released today.
In addition, Saudi Arabian Energy Minister Abdulaziz bin Salman’s warnings to those who opened a selling position in oil and his statements to “be careful” increased supply concerns in the markets and supported prices. The statement raised estimates that the OPEC+ group may make additional cuts to support prices at its next meeting 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.
The approach of the Memorial Day holiday on May 29, which is considered the beginning of the summer season fuel demand increase in the USA, continues to support prices by increasing the demand expectations of the world’s largest oil consumer.
On the other hand, the concerns about the debt limit crisis in the USA restrain the upward movement of prices. Discussions on the debt limit between the White House and Republican representatives have not yet resulted in an agreement.
It is stated that technically, the range of 77.71 to 77.81 dollars in Brent oil can be followed as a resistance and the range of 77.53 to 77.45 dollars as a support zone.