The barrel price of Brent oil, which rose to $ 90.37 yesterday, completed the day at $ 90.04. The barrel price of Brent oil decreased by 0.17 percent as of 09:41 today, compared to the closing, and became 89.89 dollars. In the same minutes, West Texas type (WTI) crude oil found buyers at $86.54 a barrel.
Oil prices hover at year-on-year highs amid supply concerns over Saudi Arabia and Russia’s decision to extend production cuts.
Saudi Arabia announced yesterday that it will continue the voluntary oil production cut of 1 million barrels per day, implemented as of July, until the end of the year.
Russian Deputy Prime Minister Aleksandr Novak also stated that his country has extended the voluntary oil export cut of 300,000 barrels per day until the end of the year.
Investors had expected Saudi Arabia and Russia to extend the supply cuts to include October.
Following the aforementioned developments, the barrel price of Brent oil, which carried its upward trend for the 6th consecutive trading day yesterday, realized the highest daily closing since November 2022.
While oil prices are starting the new day with a flat course, the profit-oriented sales of investors who want to benefit from high prices and the resurgence of concerns about inflation cause a slight decrease in prices.
While the verbal guidance of the US Federal Reserve (Fed) officials regarding the future policies is also in the focus of the investors, yesterday, Fed Board Member Christopher Waller said that the recent economic data will give the Fed some time to decide whether additional rate hikes are necessary to control inflation. stated.
Experts noted that the recent rise in oil prices may hinder the country’s fight against inflation.
It is stated that technically, the range of 90.04 to 90.28 dollars in Brent oil can be followed as a resistance and the range of 89.80 to 89.56 dollars as a support zone.