Brent Oil Rises Above $ 67 A Barrel
Brent oil rises above $ 67 a barrel on March 5. Today, a barrel of Brent oil is traded at $ 67.60 in global markets.
The barrel price of Brent oil, which reached the level of $ 67.75 on Thursday, closed the day at $ 66.74. The barrel of Brent oil, which increased by 1.29 percent compared to its closing at 09:31 am today, traded at $ 67.60. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 64.63.
The decision of the OPEC+ group to continue the current production cut in April was the biggest factor in the increase in oil prices. At the 14th Ministerial Meeting, where the 13-member OPEC led by Saudi Arabia and 10 non-OPEC oil producing countries, led by Russia, met yesterday via video conferencing, it was decided to extend the current production cuts of the group for another month, while Russia and Kazakhstan were excluded from this decision. During the said period, it was agreed that Russia would increase its production by 130 thousand barrels per day and Kazakhstan by 20 thousand barrels due to seasonal reasons.
Saudi Arabia, on the other hand, has decided to continue its voluntary 1 million barrels daily additional production cut next month.
In addition, the increase in the value of the US dollar against other currencies prevented the increase in crude oil prices linked to the US dollar to a certain extent.
In technical terms, it was stated that in Brent oil, the range of $ 67.74 and $ 68.55 could be followed as the resistance zone, and the range of $ 66.93 and $ 66.12 could be followed as the support zone.