The barrel price of Brent oil, which completed the day at $87.55 yesterday, became $87.81 with an increase of 0.3 percent compared to the closing as of 09:13 today. In the same minutes, West Texas type (WTI) crude oil found buyers at $ 84.66 a barrel.
The partial increase in prices was influenced by the OPEC+ cuts, the expectation of a decrease in global oil supply, and the news that incentives and supports will continue to activate the economy in China.
Oil markets focused on the global supply contraction. With the effect of production cuts in Saudi Arabia and Russia starting to be felt, crude oil supply is expected to decrease significantly in the second half of the year. Supply concerns caused by production cuts are supporting prices upwards.
On the other hand, data on the decline in oil demand in the USA restrains the increase in prices. The US Energy Information Administration announced that commercial crude oil stocks in the country increased by approximately 5 million 900 thousand barrels last week to 445 million 600 thousand barrels. The market expectation was that inventories would increase by 4 million barrels.
It is stated that technically, the range of 88.04 to 88.28 dollars in Brent oil can be followed as a resistance and the range of 87.32 to 87.20 dollars as a support zone.
