The barrel price of Brent oil, which rose to $ 75.73 yesterday, completed the day at $ 75.23. The barrel price of Brent oil was $75.48, with an increase of 0.33 percent compared to the closing date at 08:59 today. At the same time, West Texas Intermediate (WTI) crude oil found buyers at $71.20 a barrel.
The US’s oil purchase plans for the Strategic Petroleum Reserve (SPR) and the wildfires in Canada triggered supply concerns.
The US administration announced that it will buy up to 3 million barrels of crude oil to be delivered in August for its strategic oil reserve. In the statement, it was noted that the new purchases will be made for the Big Hill Strategic Petroleum Reserve in Texas.
Oil refinery production in China reaches second highest level in history in April
U.S. President Joe Biden allowed the launch of over 180 million barrels of oil from the country’s strategic oil reserves, in March last year, in the face of rapidly rising gasoline prices in the United States following the Russian war in Ukraine.
In China, the world’s largest oil importer, oil refinery production in April increased by 18.9 percent compared to the same period last year, reaching the second highest level in history.
The aforementioned data was another factor supporting prices, reinforcing the perception that demand in the country continues to recover after China lifted the COVID-19 restrictions.
The news flow that the forest fires that started in Alberta province in western Canada on May 6 and then spread to the British Columbia region caused at least 319 thousand barrels of oil equivalent production to be cut off, which corresponds to 3.7 percent of the national production, also raised supply concerns. increasing prices.
On the other hand, the 1.2 million barrel cut per day implemented by the Organization of Petroleum Exporting Countries (OPEC) and OPEC+ group member countries, which consists of some non-OPEC producer countries, supports the concerns that there will be a contraction in supply in the second half of the year, and continues to support prices.
It is stated that technically, the range of 76.15 to 77.08 dollars in Brent oil can be followed as resistance and the range of 73.89 to 72.56 dollars as a support zone.