The barrel price of Brent oil, which completed Friday at $86.24, became $86.14 with a decrease of 0.11 percent as of 09:01 today. In the same minutes, West Texas type (WTI) crude oil found buyers at $82.75 a barrel.
Brent, which climbed to the highest levels of the last few months after the OPEC+ countries Saudi Arabia and Russia announced that they would continue their current cuts in September, started the day with a partial decline. The profit-oriented sales of investors who wanted to benefit from high prices were effective in the said decrease.
On the other hand, concerns about how long Saudi Arabia and Russia will continue to cut production and exports are limiting the decline in prices, given the uncertainties about the pace of recovery of the Chinese economy and declining global crude oil stocks.
OPEC and the International Energy Agency’s (IEA) reports, which will announce the current state of the oil market, data on oil supply and demand, and market forecasts, will be influential in investors’ search for direction this week.
It is stated that technically, the range of $ 86.75 to $ 86.85 in Brent oil can be viewed as resistance and the range of $ 85.98 to 85.31 as support.