Barrel of Brent Oil Exceeded $70

Barrel of Brent oil exceeded $70 on June 1. Today in global markets, a barrel of brent oil is trading at $70.30.

Barrel of Brent oil, which went up to $ 69.32 on the first trading day of the week, closed at $ 69.82. Today, at 09:45 am, it increased by 1.41 percent compared to the close and is trading at $ 70.30. At the same time, a barrel of West Texas type (WTI) crude oil was traded at $67.73. Accordingly, oil prices recorded their highest level since March 8. The increase in oil prices was driven by the economic recovery in the world's largest oil consumers, the USA and China, and in many European countries, and the expected increase in travel during the summer period, which will positively affect oil demand. The focus of the markets is at the meeting of the OPEC+ group today. Deciding to gradually increase daily oil production for May, June and July at its meeting on April 1, the group is expected to make no changes in its production policy due to the strong demand outlook, despite the expected increase in oil production from Iran, one of the member countries. Pointing to Iran's possible return to the oil market after the lifting of US sanctions, OPEC Secretary General Mohammad Barkindo said yesterday, “The expected return of Iran's production and exports to the global market will continue to maintain the relative stability we have been working to achieve since April of last year. We anticipate that it will happen in an orderly and transparent manner.” On the other hand, Iran's official resumption of oil exports creates concerns about excess supply in the market. In technical terms, it is stated that the range of $ 70.36 to $ 70.60 can be viewed as resistance and the range of $ 70.12 to 69.88 stands out as support in Brent oil.