Brent Petroleum Started the Day with a decline – Cyprus Newspaper

Brent oil is trading for $ 66 in international markets.

Petroleum prices have declined due to the weakening of exports in China, the decrease in crude oil imports, and the plans to increase supply of the OPEC+ group re -supply concern in the market.

Exports in China fell to the lowest level of the last three months due to the US tariffs in May. Deflation in the factory prices has reached the hardest level of the last two years. These data pointed out that internal and external pressures on the world’s second largest economy have increased.

The data also revealed that China’s crude oil imports in May have decreased to the lowest level of the last four months on a daily basis. In this decline, the widespread care studies carried out by public and independent refineries were effective.

US President Donald Trump’s three senior advisors are expected to meet with Chinese interlocutors for the first meeting within the framework of the US-China economic and commercial consultation mechanism.

On the other hand, the tension between Trump and Tesla top manager Elon Musk left the optimistic atmosphere after Trump and Shi in terms of global markets.

Despite the OPEC+ group of OPEC+ group consisting of oil-exporting countries (OPEC) and some non-OPEC producer countries announced a new production increase for July 31, the possibility of supporting economic growth and increasing oil demand, the possibility of increasing supply increases.

According to the data of the energy services company Baker Hughes, the number of oil drilling towers operating in the US decreased by 9 to 442 last week. This figure is considered an early indicator of future production.

Brent oil technically 66.63 dollars resistance, 64.68 dollars can be monitored as support.