Brent oil rising to $ 70.71 on Friday, the price of the barrel of oil completed the day at the level of $ 70.36.
The barrel price of Brent oil, today at 09.25 hours increased by 0.2 percent compared to the closing was 70.54 dollars. At the same time, the Western Texas species (WTI) found buyers at $ 68,54 barrel of crude oil.
Intensive news flow on oil supply-demand balance and increasing geopolitical risks continue to be effective on prices.
Last week, the OPEC+ Group, which consists of oil -exporting countries (OPEC) and its allies, announced that more than expected production increases for August. Nevertheless, in the International Energy Agency’s report, the US statement that the global supply is more strict than expected supports the US new sanctions on Russia upward oil prices.
US President Donald Trump’s statements on customs tariffs are closely monitored by market players. The global market has concerns that Trump’s tariff decision on the European Union (EU) and Mexico may re -exacerbate trade wars.
Following the increasing expectations that the US Federal Reserve (FED) could relax in monetary policy, global oil prices were accelerated upward. It is estimated that low interest rates will lead to depreciation of the US dollar against other currencies and increase the demand for oil and affect prices upward.
It is stated that Brent oil technically $ 78.7, resistance, 65.83 dollars can be followed as support.
