Yesterday, the barrel price of Brent oil rising up to $ 65.01, completed the day at the level of 64.24 dollars. Brent oil price of the barrel, today as of 09.38, approximately 0.5 percent decreased by 0.5 percent compared to the closing was 63.94 dollars. At the same time, the Western Texas species (WTI) found buyers at $ 60.85 barrels of crude oil.
In the decline in prices, the uncertainties in the US central bank (FED) monetary policies strategies, Russia-Ukraine peace negotiations and news flow about the global oil supply will increase.
Although the tariff voltage between the US and China has subsided for a while, US President Donald Trump’s “American” policy under the policy of economic and trade policies in the scope of the consequences of question marks remain.
FED President Jerome Powell stated that the economic environment has changed significantly since 2020 and that the review of the Bank’s monetary policy strategy will reflect the evaluations of these changes and that they would reconsider the aspects of the strategic framework of the bank in the light of the experience of the last 5 years in the current review process.
It is estimated that high interest rates will weaken oil demand and influence the prices downwards, leading to the value of the US dollar against other currencies.
In addition, peace negotiations between Russia and Ukraine hosted by Türkiye support the decline of prices by alleviating market players’ concerns about supply.
US Secretary of State Marco Rubio said yesterday that they are ready to support peace and stability in Syria, pointing out the importance of the ceasefire by noting that the US delegation will meet with a senior delegation from Ukraine and will participate in the Russian-Ukraine negotiations.
Türkiye-US-Ukraine triple meeting and Türkiye-Russia-Ukraine Triple Meeting is planned to be held in Istanbul today.
In addition, the International Energy Agency (IEA), this year, the global oil supply increase in this year also suppressed prices.
According to IEA’s Oil Market Report, global oil supply increased by about 160 thousand barrels per day in April compared to the previous month and rose to 104 million 460 thousand barrels.
On the other hand, the total oil supply of the Organization of Countries (OPEC) in this period was approximately 33 million 50 thousand barrels per day with a daily decrease of approximately 120 thousand barrels per day compared to the previous month. Daily oil production of non -OPEC countries reached 71 million 410 thousand barrels with an increase of approximately 280 thousand barrels per day in the same period.
Brent oil technically 67.66 dollars, resistance, 59.80 dollars can be monitored as support.
