Fuel prices updated

Brent crude oil, which rose to 95 dollars with the start of the Israel-Hamas conflict in October, subsequently experienced a sharp decline. With oil prices falling to the 76-77 dollar range last week, fuel prices were reduced 3 times in succession. With Brent crude oil falling again this week to 74-75 dollars, its lowest level in 5 months, new fuel price cuts are on the horizon.

OIL PRICES SEARCHING FOR DIRECTION

The price of a barrel of Brent crude oil, which rose to 76.50 dollars on Monday, closed the day at 76.03 dollars. Today, the price of a barrel of Brent crude oil is at the 75 dollar level. The price of a barrel of West Texas Intermediate (WTI) crude oil is around 71 dollars. Oil prices, which are hovering at their lowest levels in 5 months due to concerns regarding global oil demand, continue to search for direction.

PRODUCTION CUTS

Uncertainties regarding the OPEC+ group's voluntary production cuts and whether the promised cuts will be sufficient to offset the expected supply surplus in the first quarter of next year are limiting the rise in oil prices. At the meeting held by the OPEC+ group on November 30, some member countries announced that they would implement voluntary production cuts of 2.2 million barrels per day in addition to existing production cuts. It is noted that technically, the 76.63 to 76.70 dollar range can be monitored as a resistance zone for Brent crude oil, while the 75.44 to 76.37 dollar range can be monitored as a support zone.

FUEL PRICE CUTS ON THE HORIZON

Fuel prices are determined based on changes in exchange rates and international oil prices. While the dollar exchange rate is hovering just above 29 liras, Brent crude oil prices have hit bottom. If oil prices do not start to rise again, a reduction in fuel prices is expected in the coming days.

News Source: 12punto