The barrel price of Brent oil, which rose to $ 76.50 on Friday, completed the day at $ 76.13. The barrel price of Brent oil was $77.19, an increase of 1.4 percent compared to the closing date as of 09:36 today. At the same time, West Texas Intermediate (WTI) crude oil found buyers at $72.80 a barrel.

The rise in prices was due to Saudi Arabia’s decision to cut an additional 1 million barrels per day in oil production in July.

In a statement after the 35th OPEC and non-OPEC Ministerial Meeting held yesterday, Saudi Arabian Energy Minister Abdulaziz bin Salman said that the additional cut decision could be extended depending on the situation.

At the meeting, the member countries decided to keep their total production at the level of 40 million barrels in 2024, without making any changes in the current production cut until the end of this year.

Another development that caused concerns on the supply side was the decrease in oil drilling in the US. The number of oil rigs in the country decreased by 15 to 555 in the week of May 27 to June 2, according to weekly data released by oilfield services company Baker Hughes on Friday.

Thus, the number of drilling rigs in the country has seen its lowest level since April last year. Drilling in the US, the world’s largest oil producer, has been slowing since December due to lower oil prices and rising costs.

Technically, the range of $77.49 to $78.21 in Brent oil can be viewed as resistance, and the range of $76.34 to $75.91 as support.

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