The barrel price of Brent oil, which rose as high as $ 69.92 on Friday, completed the day at $ 68.72. Brent oil’s barrel traded at $ 69.20 today, an increase of 0.70 percent compared to closing as of 09.29. At the same time, a barrel of West Texas type (WTI) crude oil found buyers at $ 66.84.
Oil prices rose with the growing perception that the ongoing economic recovery in the USA, China and Europe and the expected increase in travels during the summer period will reflect on oil demand.
In the Austrian capital, Vienna, the full implementation of the Iran nuclear agreement, called the Comprehensive Joint Action Plan, and the negotiation process for the return of the US sanctions to the agreement strengthen the predictions that an agreement between the parties may be very close in the markets. With the lifting of the sanctions, Iran’s official resumption of oil exports brings with it concerns over supply in the market, which is suffering from demand shortages.
On the other hand, despite the possible return of Iranian oil, the strong outlook in demand eliminated supply-based concerns and was instrumental in the rise in prices.
Markets focused on the meeting where the Organization of Petroleum Exporting Countries (OPEC) and the OPEC + group, which consists of some non-OPEC producer countries, will meet tomorrow on the production policy after July.
At its meeting on April 1, the group decided to gradually increase its daily oil production for May, June and July. At the meeting to be held tomorrow, the OPEC + group is not expected to change its oil production policy until the end of July.
It is emphasized that in Brent oil, the range of $ 69.23 and $ 69.64 can be watched as the resistance zone and the range of $ 68.82 and $ 68.41 as the support zone.