The barrel price of Brent oil, which rose to $ 78.73 yesterday, completed the day at $ 76.71. The barrel price of Brent oil became $76.33, with a decrease of 0.5 percent compared to the closing date at 09:16 today. In the same minutes, West Texas type (WTI) crude oil found buyers at $71.69 a barrel.

Despite the supply concerns that emerged after Saudi Arabia announced the biggest production cut in recent years, the ongoing global economic concerns were effective in the decline in prices.

After the 35th OPEC and non-OPEC Ministerial Meeting held on Sunday, Saudi Arabia announced its decision to cut an additional 1 million barrels per day in oil production in July. 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.

Markets focus on China’s May trade data

However, the monetary policy steps to be followed by the Fed in the upcoming period continue to be in the focus of investors, and macroeconomic data continues to give mixed signals.

According to the data released in the USA yesterday, the Supply Management Institute (ISM) services sector Purchasing Managers Index (PMI) fell by 1.6 points on a monthly basis to 50.3 in May, while factory orders increased by 0.4 percent in April, but failed to meet the forecasts. The aforementioned data strengthens demand concerns and suppresses prices.

Markets focused on whether the US Federal Reserve (Fed) will raise interest rates in June, and May trade data for China, the world’s largest oil importer, to be released on Wednesday.

On the other hand, the approach of the summer travel season strengthened the expectations that the demand for gasoline and jet fuel would increase in the coming months, and became a factor supporting prices.

It is stated that technically, the range of 76.54 to 76.74 dollars in Brent oil can be followed as a resistance and the range of 76.21 to 76.08 dollars as a support zone.

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