The barrel price of Brent oil, which rose to $ 77.59 yesterday, completed the day at $ 73.71. The barrel price of Brent oil became $73.53 with a decrease of 0.24 percent compared to the closing date as of 09:22 today. At the same time, West Texas Intermediate (WTI) crude oil found buyers at $69.33 a barrel.

The decline in prices was due to weaker-than-expected economic data in China, the world’s largest oil importer, raising concerns that demand would slow down.

China’s manufacturing Purchasing Managers Index (PMI) contracted faster than expected, falling to 48.8 in May due to weaker demand. While the PMI fell short of the forecast of 49.4, this figure was 49.2 in April.

Values ​​above 50 in PMI indices indicate an increase in economic activities, and values ​​below indicate a decrease.

Uncertainty about whether the OPEC+ group will increase production cuts due to the recent drop in oil prices at its meeting on June 4 continues to put pressure on the markets.

While Saudi Arabian Energy Minister Abdulaziz bin Salman’s warning to those who opened a sales position in oil last week to “be careful” was read as a signal that the group may cut production, Russian Deputy Prime Minister Aleksandr Novak said that it is not very likely that the OPEC + group will go to a new oil production cut decision. .

On the other hand, the positive news flow regarding the debt limit crisis in the USA, the world’s largest oil consumer, restrains the downward movement of prices.

Speaker of the House of Representatives, Kevin McCarthy, said in a statement yesterday that he is confident that the bill to increase the debt limit will receive the support of a sufficient number of Republicans, while House Minority Leader Democrat Hakeem Jeffries noted that he sees no problem in gaining support for the debt limit bill.

Technically, the range of $73.78 to $73.89 in Brent oil can be viewed as resistance, and the range of $73.45 to $73.23 as a support zone.

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