Oil Prices Increase with Saudi Arabia's Decision

Oil Prices Increase with Saudi Arabia's Decision

Oil prices, which started the new week with a decline, rose with the decision of Saudi Arabia. Oil prices began to rise after an official from the Saudi Arabian Ministry of Energy announced that an additional cut in production would be made in June. An official from the Saudi Arabian Ministry of Energy stressed that in addition to the cuts of the Organization of Petroleum Exporting Countries (OPEC) and its allies (OPEC +) in June, oil production will cut 1 million barrels a day, thereby reducing the country's oil production by 4.8 million barrels per day. Murat Akyol, from the famous Securities Research, noted that ounce gold is stable after the employment numbers, and included the following views: "The US April employment report showed that 20 million people lost their jobs in the month in question and the unemployment rate approached 15 percent. Compared to expectations, we found that the pressure was not permanent, although the loss of power was not as heavy as feared in the first place. We can say that the continuation of the hold prevents the deterioration of the appearance from the technical point of view. As we frequently point out at this point, we maintain our view that permanent figures above $ 1,715 will create a more optimistic picture. " Depending on the developments, the price of barrels of Brent oil in the global markets increased by 0.45 to $ 30.72 and the price of barrels of West Texas light crude oil rose by 0.77 percent to $ 26.24. In the global commodity markets, the situation is as follows: - silver, $ 15.48, up 0.01 percent, - gold: $ 1.702.06, down 0.11 percent, - copper, $ 5,280.50, up 2.01 percent, - platinum is $ 765.76, down 0.65 percent, - Palladium was $ 1,848.99, down 2.35 percent. The situation in the domestic market is as follows: Gram gold is sold for 388 Turkish liras, quarter gold 639 liras, Republic gold for 2.547 liras.