Barrel Price Of Brent Oil Increased

Barrel price Brent oil increased on March 31. Today, a barrel of Brent oil is traded at $ 64.50 in global markets.

The barrel price of brent oil, which reached the level of $ 65.41 on Tuesday, closed the day at $ 64.17. The barrel of Brent oil, which increased by 0.51 percent compared to the closing at 09:11 am today, traded at $ 64.50. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 60.86. The positive expectations of the OPEC+ group meeting on April 1 played a role in the increase in oil prices. At the meeting, where the amount of cuts to be applied as of May will be discussed, the group is expected to maintain the current production cuts. At the 14th Ministerial Meeting, where the energy and oil ministers of 23 OPEC+ member countries came together on March 4, it was agreed that non-OPEC countries, Russia and Kazakhstan, would increase oil production in April due to seasonal reasons, while other member countries decided to continue their current production cuts in April. In addition to these, the increase in commercial crude oil stocks in the USA, the world's largest oil consumer, strengthens the perception that the demand has started to decline, which puts a barrier to the rise in prices. According to the estimates of the American Petroleum Institute, the commercial crude oil stocks of the USA increased by 3 million 910 thousand barrels last week compared to the previous week. The market expectation was that the stocks would increase by approximately 400 thousand barrels. Official oil stock data of the US Energy Information Administration will be announced today. In technical terms, it is stated that the range of 64.65 to 64.77 dollars can be followed as resistance and the range of 64.39 to 64.25 dollars can be followed as the support zone in brent oil.