The barrel price of Brent oil, which rose to $ 75.85 on Friday, closed the day at $ 74.17. As of 09:01, the barrel price of Brent oil decreased by 0.12 percent compared to the closing date, and became 74.08 dollars. In the same minutes, West Texas type (WTI) crude oil found buyers at $ 69.92 a barrel.
Negative expectations for the demand outlook of the world’s largest oil consumers, the USA and China, were effective in the limited decline in prices.
Prices fell for the fourth week in a row last week on concerns that the US could enter a recession amid the risk of default.
International Monetary Fund (IMF) Spokesperson Julie Kozack warned last week that if the US defaults, this will have serious repercussions not only for the US but also for the global economy.
Weak economic data from China also supported demand concerns and was another factor supporting the downward movement in prices. Investors will closely monitor China’s economic data on industrial production, fixed asset investment and retail sales in the coming weeks for signs of recovery in oil demand.
On the supply side, the meeting of the member countries of the OPEC+ group, which consists of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, will be followed closely.
The OPEC group has a meeting on June 4
The group’s decision to cut 1.2 million barrels per day at the beginning of April increases the concerns that there will be a contraction in supply in the second half of the year and limits the downward movement of prices.
Despite forecasts that the group may make additional cuts to support prices at the next meeting, Iraqi Oil Minister Hayyan Abdulgani said he does not expect the OPEC+ group to cut oil production further at its next meeting on June 4, according to international media reports.
The news flow that the leaders of the G7 countries are planning to tighten sanctions on Russia’s energy exports and trade at the meetings to be held on May 19-21 will be another development to be followed on the supply side.
It is stated that technically, the range of 74.31 to 74.51 dollars in Brent oil can be followed as a resistance and the range of 73.72 to 73.33 dollars as a support zone.
