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U.S. Energy Secretary Rick Perrey said he believed that the US sanctions against Iran would be reinstated and that the decline in global oil supply would be compensated by the increase in Saudi Arabia and Russia's production. Russia's Energy Minister Aleksander Novak said that if OPEC members fail to agree on a 1 million barrel/day production increase, they will increase oil production by 200,000 barrels/day in the second half of the year, while Russian oil companies will increase their production by compared to previous quarters. Russia's average output is expected to be 11 million barrels/day in 2018. Meanwhile, the Turkish Foreign Ministry has announced that it is deeply concerned about attempts to transfer the administration of facilities in Libya's oil Crescent region to unauthorized entities outside the National Oil Company. The OPEC decisions and the decrease in US stocks are among the factors that raise oil prices, while the escalation of trade friction between the US and other major economies poses a threat to global growth and volatility in pricing can bring volatility.Technically, the remaining above 78.50 under black showing upward trend since the beginning of the week may be important. Resistance levels of 78.80, 79.10, 79.55 and 79.80 in the continuation of the upward movement are likely to come up.
