Brent crude oil price rises to $83.88 per barrel

The price of a barrel of Brent crude, which rose to $84.43 yesterday, closed the day at $83.67.

As of 09:12, the price of a barrel of Brent crude increased by 0.25 percent compared to the closing price, reaching $83.88. At the same time, a barrel of West Texas Intermediate (WTI) crude oil found buyers at $79.16.

Oil prices saw their lowest levels in 7 weeks due to easing supply concerns following ongoing ceasefire negotiations between Israel and Hamas, and concerns regarding the country's economy after the US Federal Reserve (Fed) kept its policy interest rate unchanged.

News flow regarding the possibility that the OPEC+ group, consisting of the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, might continue its production cuts limited the decline in prices and provided upward support.

The aforementioned decline, which occurred ahead of the June 1 meeting of the OPEC+ group led by Saudi Arabia and Russia, led to expectations in the markets that the group, which needs higher prices, will continue its production cuts for some time longer.

Experts state that if demand does not recover, the group could extend its voluntary production cuts of 2.2 million barrels per day.

Technically, it is noted that the $84.4 to $85.77 range can be monitored as resistance for Brent crude, while the $83.03 to $81.66 range can be monitored as the support zone.

News Source: AA