The barrel price of Brent oil, which rose to $ 79.61 on Friday, completed the day at $ 79.54. As of 09.32, the price of a barrel of Brent oil increased by 0.15 percent to $ 79.66 as of the closing date. At the same time, West Texas Intermediate (WTI) crude oil found buyers at $76.02 a barrel.
The decrease in the commercial crude oil and gasoline stocks of the USA, the world’s largest oil consumer, in the previous week, and the production cuts of the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+ group, which will be implemented as of May, and some non-OPEC producer countries, were effective in the limited rise in prices.
The OPEC+ group, led by Russia and Saudi Arabia, confirmed that in addition to the 2 million barrels per day production cut that has continued since October, some countries have decided to make voluntary cuts of approximately 1.6 million barrels per day as of May.
In a period of demand recovery in China, the OPEC+ group’s decision to cut supply also supported prices upwards.
Investors are concerned that potential rate hikes by inflation-fighting central banks could slow economic growth and reduce demand in the US, UK and European Union.
On the other hand, Russian President Vladimir Putin, with the decree he signed, removed friendly countries from the scope of the ban on the supply of oil and petroleum products below the ceiling price.
According to the decree that came into force as of April 28, friendly countries were excluded from the scope of the oil and oil supply ban to countries participating in Russia’s ceiling price application.
Meanwhile, US oil rig count remained flat at 591 for the week of April 22-28, unchanged from the previous week, according to weekly data released by oilfield services company Baker Hughes.
In Brent oil, technically, the range of $79.80 to $80 can be viewed as the resistance, and the range of $79.24 to $77.53 as the support zone.