Yesterday, the barrel price of Brent oil rising up to $ 62.65, completed the day at the level of 61.89 dollars. The barrel price of Brent oil, today at 09.40, increased by 1.3 percent compared to the closing was 62.73 dollars. At the same time, the Western Texas species (WTI) found buyers at $ 59,54 barrel of crude oil.
Oil prices began to rise with the impact of the US signals that the US will begin early -stage trade talks with China this week. The expectations of contraction in the US oil supply were another element that supports the markets.
US Treasury Minister Scott Bessent and Trade Representative Jamieson Greer were announced by the offices of both sides yesterday evening that this week will have trade talks with Chinese interlocutors in Switzerland.
“International Economic System, the US’s interests to serve better in the interests of the US, I am looking forward to making efficient talks.” evaluated.
The interview is considered to be the first net step in the US-China Trade Negotiations following the uncertainty and contradictory statements that have been going on for weeks. This development is expected to pave the way for the path to the softening of relations between the parties.
In the increase in prices, profit purchases of investors who want to evaluate low oil prices were also effective. OPEC+ Group member consisting of oil -exporting countries’ Organization (OPEC) and some non -OPEC producer countries decided to accelerate the increase in production of 8 countries, which have seen the lowest level since February 2021, rose with profit purchases of market players.
On the other hand, the US Energy Information Administration (EIA) reduced the average barrel price of Brent oil for 2025 to 65.85 dollars by lowering about $ 8. For Western Texas type (WTI), this figure was updated to $ 61.81.
According to EIA’s “May 2025 Short Energy View Report”, the decision of the OPEC +’s increase in production and the increase in production in non -OPEC countries caused global stocks to increase. This is expected to put pressure on oil prices for the rest of the year.
According to the report, an average of 300 thousand barrels of oil was added to stocks in the first four months of the year. This increase is expected to reach 400 thousand barrels daily throughout the year, and in 2026, it is expected to increase to 800 thousand barrels.
Due to the fact that there is no problem in oil supply and the increase in stock, it is estimated that the price of Brent to 61 dollars at the end of the year and to $ 59 on average during 2026.
The US daily crude oil production is expected to be at 13.42 million barrels. This figure is higher than 13,21 million barrels last year, but below the previous estimate (13,51 million). Global supply is expected to be 104,13 million barrels per day and consumption will be 103.71 million barrels.
It is stated that Brent Petroleum technically 64,10 dollars, resistance, 60.13 dollars can be followed as support.
