Brent Oil Cruised Above $ 63 A Barrel

Brent oil cruised above $ 63 a barrel on April 1. Today, a barrel of Brent oil is trading at $ 63.20 in global markets.

The barrel of Brent oil, which reached the level of $ 64.79 on Wednesday, completed the day at $ 62.74. The barrel of Brent oil, which increased by 0.73 percent compared to the closing at 09:09 am today, traded at $ 63.20. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 59.65. The positive expectations regarding the meeting to be held by the OPEC group today 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 it was decided that other member countries would continue their current production cuts in April. At the meeting, it was deemed appropriate for Russia to increase its production by 130 thousand barrels per day in April and Kazakhstan to 20 thousand barrels, and Saudi Arabia to continue its voluntary cut of 1 million barrels per day. Thus, the OPEC group decided to cut production of 7 million 900 thousand barrels per day in April. In addition, the fact that the commercial crude oil stocks of the USA, the world's largest oil consumer, decreased contrary to expectations also supported the upward movement of prices. In technical terms, it was stated that the range of 63.28 to 63.36 dollars can be followed as the resistance zone and the range of 63.06 to 62.92 dollars can be followed as the support zone in Brent oil.