On Friday, the Brent oil price increased to a level of 64.28 dollars and closed the day at 64.91 dollars. As of today at 09:25, the Brent oil price has reached 65.08 dollars, with a 0.3% increase.
This increase in prices is attributed to the production increase decision made during the online meeting held by the Organization of the Petroleum Exporting Countries (OPEC) and certain oil-producing countries outside of OPEC, known as the OPEC+ coalition, on Sunday. Eight member countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, decided to increase production by 137,000 barrels per day in November. This situation has alleviated concerns about excess supply in the markets, thereby supporting prices upwards.
The next meeting of the OPEC+ group is scheduled for November 2. A similar decision was made at the last meeting, and during the meeting held in September, an increase of 137,000 barrels per day for October was decided. These measures are seen as an important step towards stabilizing oil prices by reducing concerns about surplus supply.
On the other hand, Ukraine's ongoing attacks on Russia's energy infrastructure have also increased supply concerns, supporting price increases in oil. However, analysts predict that weak demand dynamics in the last quarter of the year may limit short-term price increases.
Seasonally, demand is expected to decrease as winter approaches, and macroeconomic data do not provide upward momentum, which may create pressure on the markets regarding excess supply. Therefore, it is stated that the resistance level for Brent oil price is 72.21 dollars, while the support level is 60.57 dollars.
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petrol prices, Brent crude, OPEC+, production increase, market analysis, energy