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Concerns cause the price of oil to rise: How much was the price of Brent oil? (June 6, 2022)

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The barrel price of Brent oil, which rose to $121.45 on Friday, completed the day at $119.72.

The barrel price of Brent oil was $120.46, with an increase of 0.62 percent compared to the closing date at 09:23. In the same minutes, a barrel of West Texas type (WTI) crude oil found buyers at $119.53.

The increase in prices was influenced by Saudi Arabia’s increase in prices for July’s crude oil sales. Saudi Arabia increased its price from $4.40 to $6.50 in oil sales to Asia.

OPEC HAS DECIDED TO INCREASE PRODUCTION

The OPEC+ cluster, which consists of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, announced last week that they will increase their production by 648 thousand barrels in July and August. Experts predict that the increase in production will not be effective in closing the gap created by the embargo on Russian oil.

On the other hand, according to the weekly data released by the oil field services company Baker Hughes, the number of oil rigs in the US remained unchanged at 574 in the week of May 28-June 3 compared to the previous week.

It is stated that technically, the range of 120.63 to 120.87 dollars in Brent oil can be followed as resistance and the range of 120.39 to 120.15 dollars as the mainstay.

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