The barrel price of Brent oil, which rose to $ 79.30 yesterday, completed the day at $ 78.31. The barrel of Brent oil was traded at $ 78.16, with a decrease of 0.19 percent compared to the close as of 09:25 today. In the same minutes, West Texas type (WTI) crude oil found buyers at $74.86 a barrel.
The upward trend in oil prices, which has been on the rise in recent weeks, was limited by the expectation that the Organization of Petroleum Exporting Countries (OPEC) and the OPEC+ group, which consists of some non-OPEC producer countries, will increase production in the market, where the concerns of insufficient supply are strengthened. Within the scope of the current agreement, it is expected that a decision will be made to continue the production increase of 400 thousand barrels per day in the coming months.
OPEC Secretary General Mohammed Barkindo, in a statement at the Joint Technical Committee (JTC) meeting on Wednesday, stated that the production increase plan in practice continues to balance the need for gradual production increases to meet demand while protecting the markets against the potential for excess supply. In addition to easing concerns, he noted that the possibility of electricity producers to switch to more advantageous oil due to high natural gas prices may encourage the group to produce more. Technically, the resistance of the range of 78.64 to 79.25 dollars in Brent oil is between 78.03 and 77.42 dollars. It is stated that the range can be followed as a support zone.
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