Brent crude is trading at $65.58 a barrel

The cautious production increase decision of the OPEC+ group of eight members, which consists of the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, at the online meeting held on October 5 continues to be influential in the rise in prices.

Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman all agreed to increase production by 137,000 barrels per day in November, as expected. This measured move supported prices by creating a positive perception that the group continues to focus on price stability rather than regaining market share.

According to experts, the group will continue to act cautiously in increasing its production share in the global oil market due to forecasts of oversupply in the last quarter of the year and next year.

The International Energy Agency (IEA) announced in its Oil Market Report published in September that global oil supply increased by 20,000 barrels per day in August, reaching a record level of 106,930,000 barrels.

This increase was driven by the OPEC+ group's continued easing of production cuts and the fact that non-OPEC+ supply remained close to historical highs.

Oil has also been supported by renewed geopolitical tensions following Ukraine's escalation of attacks on Russian energy infrastructure. These attacks target Russia's export capacity, fueling supply concerns in the market.

On the other hand, ongoing uncertainties following the federal government shutdown in the US have led to an increase in risk perception in global markets, leading investors to adopt a cautious attitude.

The resulting uncertainty is limiting upward movement in prices, particularly amid concerns that the government shutdown could trigger a broader economic slowdown.

Technically, Brent crude oil is being watched as a resistance zone at $69.30 and a support zone at $64.06.

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