The barrel price of Brent oil, which rose to $ 78.50 yesterday, completed the day at $ 76.26. The barrel price of Brent oil became $76.10 with a decrease of 0.2 percent compared to the closing date as of 09:07 today. In the same minutes, West Texas type (WTI) crude oil found buyers at $71.82 a barrel.
Conflicting messages from Russia and Saudi Arabia and a stronger dollar before the next OPEC+ meeting were effective in the limited decline in prices.
According to international media reports, Russian Deputy Prime Minister Aleksandr Novak said on Thursday that it is unlikely that the OPEC+ group will decide on a new oil production cut at its next meeting.
“Be careful” warning from Saudi Arabian Energy Minister
Noting that he predicts oil prices will be just over $80 per barrel and demand will continue to increase during the summer months, Novak emphasized that their task is not to inflate prices, but to ensure the interests of both the producer and the consumer.
Saudi Arabian Energy Minister Abdulaziz bin Salman warned those who opened a sales position in oil at the beginning of the week to “be careful”.
The aforementioned statements supported prices throughout the week, increasing the forecasts by market players that the OPEC+ group might make additional cuts to support prices at its meeting to be held on June 4.
The rise in the dollar index, which measures the value of the US dollar against other currencies, makes dollar-denominated oil more expensive for buyers using other currencies. This leads to a decrease in purchases and a decrease in prices.
On the other hand, developments regarding the debt limit crisis in the USA continue to be in the focus of investors.
Recalling that they had several productive meetings with the Speaker of the House of Representatives, Kevin McCarthy, on the debt limit, US President Joe Biden stated that the negotiators are continuing the talks and progress has been made.
It is stated that technically, the range of 76.32 to 76.49 dollars in Brent oil can be followed as resistance and the range of 75.97 to 75.79 dollars as a support zone.