The barrel price of Brent oil, which rose to $ 96.40 on Friday, completed the day at $ 94.92. As of 09:15, the price of Brent oil per barrel increased by 0.95 percent compared to the closing date, and became 95.83 dollars. At the same time, West Texas Intermediate (WTI) crude oil found buyers at $89.75 a barrel.
Oil prices, which recorded the biggest weekly decline since the beginning of April with the increasing concerns about oil demand last week, started the new week with an increase as the concerns about the shrinkage in the markets gained ground.
The decision of the OPEC+ group, which consists of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, to increase production for September last week, strengthened the supply concerns.
Experts predict that the partial import ban of the European Union for Russian crude oil, which will begin on December 5, will create an intense supply pressure.
According to the weekly data released by the oil field services company Baker Hughes, the number of oil drilling rigs, which is considered as an indicator for the outlook of the oil industry and short-term crude oil production in the USA, the world’s largest oil producer, decreased by 7 units in the week of July 30-August 5 compared to the previous week. decreased to 598.
On the other hand, in addition to the recession expectations, the increase in the number of Kovid-19 cases in China, the world’s largest oil importer, and the restrictions imposed, continue to put downward pressure on prices, causing concerns about oil demand.
Pointing to the weak demand for oil in the markets, the Australian and New Zealand Banking Group revised its short-term oil demand forecast for this year down by 300,000 barrels per day and its forecast for the next year by 500,000 barrels per day.
Monthly oil market data to be announced by the International Energy Agency and OPEC this week is expected in the markets.
It is stated that technically, the range of $ 95.85 to $ 96.47 in Brent oil can be viewed as resistance, and the range of $ 95.23 to 94.61 as support.
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