The barrel price of Brent oil, which rose to $ 86.07 on Friday, closed the day at $ 84.76. The barrel price of Brent oil was $85.07 with an increase of 0.36 percent compared to the closing date as of 09.38 today. In the same minutes, West Texas type (WTI) crude oil found buyers at $81.12 a barrel.

The strong economic data in China, the world’s largest oil importer, had a positive impact on the demand outlook.

Gross domestic product (GDP) in China grew by 4.5 percent in the first quarter, above expectations. The fact that May is the busiest travel period in the country led to expectations that oil demand would increase even more, supporting prices.

In addition, Chinese refinery production rose to record levels in March, adding to strong demand expectations as refineries intensified their efforts to catch up with strong export demand and build inventory before the maintenance period.

On the supply side, after the decision of additional production cuts by the 9 member countries of the OPEC+ group, which consists of Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, the concerns of shrinkage in the markets in the second half of the year remain strong and continue to support prices.

The strengthening of the US dollar against other currencies suppresses prices. The dollar index, which rose 0.5 percent yesterday, was stabilized at 102.1 in the new day.

The appreciation of the US dollar against other currencies makes dollar-denominated oil more expensive for buyers using other currencies. This causes a decrease in purchases and a decrease in prices.

Technically, the range of $85.23 to $85.38 in Brent oil can be viewed as resistance, and the range of $84.90 to $84.72 as the support zone.

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