Brent oil price per barrel is $85.04

While there were no transactions in the oil markets on Friday due to the Easter Holiday, the barrel price of Brent oil closed at $85.12 on Thursday. The barrel price of Brent oil became $85.04 with a decrease of 0.09 percent compared to the closing date as of 09:23 today. In the same minutes, West Texas type (WTI) crude oil found buyers at $80.66 a barrel.

Uncertainties regarding the demand outlook in the USA, the world’s largest oil consumer, contributed to the partial decline in prices.

The expectations that the hawkish steps taken within the scope of the fight against inflation in the USA will continue, leading to concerns that the oil demand in the country will be adversely affected, putting prices down.

The appreciation of the US dollar against other currencies also makes oil more expensive for buyers using other currencies, causing reduced purchases, supporting the decline in prices.

However, the decrease in prices was limited due to the growing concerns of shrinkage in global markets.

In addition, the decision of an additional production cut of approximately 1.6 million barrels per day by the 9 member countries of the OPEC+ group, which consists of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, strengthened the concerns about the contraction in the markets.

In a statement on Monday, the OPEC+ group confirmed that in addition to the decision taken on October 5, 2022 to “cut 2 million barrels a day until the end of the year” in production to stabilize the market, approximately 1.6 million barrels a day will be cut by the end of the year as of May. .

It is stated that technically, the range of $85.45 to $86 in Brent oil can be viewed as resistance and the range of $84.90 to 84.35 as support.

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