Yesterday, the barrel price of Brent oil rising up to $ 75,12, completed the day at the level of $ 75.05. The barrel price of Brent oil, today at 09.50, increased by 0.1 percent compared to the closing was $ 75.21. At the same time, the Western Texas species (WTI) found buyers at $ 71.47 barrel of crude oil.
Petroleum prices, China’s economic policies for the private sector, the US Federal Reserve (FED) interest rate reduction expectations, and the supply plans of the OPEC+ group continues its fluctuating course.
Chinese President Shi Cinping announced that government support for the development of the private sector will continue, but sanctions against illegal activities will continue.
Shi, the difficulties and tests faced by the private sector are caused by the transformation and restructuring in the industry, they are temporary, not long -term, and can be overcome.
Experts say that China is trying to increase the private sector competitiveness in order to be affected by the US customs duty sanctions. However, uncertainties related to the Chinese economy pose a risk for global oil demand.
On the other hand, the FED is expected to go to interest rates twice in total this year. Experts predict that the decrease in interest rates can raise oil prices by combining with weakened dollar and increasing economic activity.
The depreciation of the dollar makes oil more accessible for buyers who traded with other currencies, while interest rate cuts that encourage economic growth can increase demand in sectors where oil consumption such as industrial production and transportation is intense.
OPEC+ countries is concerned that the plan to increase oil supply as of April will create a surplus supply in the markets. If the negotiations between Russia and Ukraine progress, the possibility that Russian oil can return to official markets is also pressure on prices.
US President Donald Trump announced that they have started negotiations with Russia to end the war in Ukraine. Trump said he could meet with Russian President Vladimir Putin soon. The first contacts are expected to take place in Saudi Arabia.
Brent oil technically $ 79,71, resistance, 71.95 dollars can be monitored as support.
