The barrel price of Brent oil, which closed at $84.8 on Friday, increased by 0.79 percent compared to the closing as of 09.28 today and became $85.47. In the same minutes, West Texas type (WTI) crude oil found buyers at $81.28 a barrel.
Last week, slowing demand in China and concerns about rising interest rates in the US led to sharp decreases in crude oil prices. The increase in oil prices, which started this week with a rise, was influenced by the reduction of production by OPEC+ members Saudi Arabia and Russia.
The reduction in production and exports of the said countries in August continues to create a constraint in global supply. The concern that there may be a shortage of supply supports the upward movement of prices.
Experts predict that the expectation that the world’s largest oil producers will extend production cuts until the end of September will keep oil prices high until the end of the year.
Also, the number of oil rigs in the US, the world’s largest oil consumer, saw its lowest level since March 2022. The number of drilling rigs in the country decreased by 5 to 520.
It is stated that technically, the range of $85.50 to $85.59 can be viewed as resistance and the range of $85.16 to $85.08 as the support zone in Brent oil.
