9,312.13 TRY BIST 100 BIST 100
38.20 USD USD USD
5.25 CNY CNY CNY
43.91 EUR EUR EUR
0.12 CNY CNY/EUR CNY/EUR
46.74 TRY Interest Interest
66.21 USD Fossil Oil Fossil Oil
41.10 USD Silver Silver
488.00 USD Copper Copper
100.29 USD Iron Ore Iron Ore
352.00 USD Shipbreaking Scrap Shipbreaking Scrap
4,091.06 TRY Gold (gr) Gold (gr)

Oil is at its lowest level in three months

Oil traded at a three-month low amid signs of weakness in the market.

Oil is at its lowest level in three months

While Brent crude oil remains around $81 per barrel, U.S. crude oil has stayed below $77. Memorial Day weekend is approaching in the U.S., which is typically considered the start of the peak driving season. Investors will be monitoring demand outlook.

Partly due to OPEC+'s production cuts, crude oil prices remain high this year, although futures have eased since mid-April.

The OPEC+ alliance is expected to meet on June 1st and is likely to extend existing production cuts until the second half of 2024. The group currently holds back approximately 2 million barrels of oil per day.

Analyst Zhou Mi from the Chaos Research Institute in Shanghai stated, ‘The upcoming OPEC+ meeting will clarify uncertainties regarding supply,’ and added that U.S. demand is recovering and should receive further support starting from the summer travel season.

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