Barrel Price Of Brent Oil Continues To Rise

Barrel price of Brent oil continues to rise on April 16. Today, a barrel of Brent oil in global markets is trading at $ 67.22.

The barrel of Brent oil, which reached the level of $ 67.03 on Thursday, closed the day at $ 66.94. The barrel of Brent oil, which increased by 0.42 percent compared to the closing at 10:07 am today, is trading at $ 67.22. At the same time, West Texas type (WTI) crude oil traded at $ 63.72 a barrel. The pioneering data signaling strong economic recovery in the world's largest oil consumers, the US and China, and the rising positive sentiment regarding oil demand played a role in the rise in oil prices. According to the data released in the US, retail sales increased by 9.8 percent month on month in March, higher than market expectations. The number of people applying for unemployment benefits for the first time in the country also dropped to 576 thousand in the week ending April 10, recording the lowest level since March 2020 after the coronavirus epidemic began to be effective. In the oil reports released this week by the Organization of Petroleum Exporting Countries and the International Energy Agency, the upward revision of the global oil demand forecasts strengthened the perception that oil demand will increase and supported the increase in prices. On the other hand, the continuation of coronavirus cases in some major economies in Europe, especially India, one of the world's largest oil consumers, has set a barrier to the rise of prices. In technical terms, it was stated that in Brent oil, the range of $ 67.42 and $ 67.77 could be followed as the resistance zone and the range of $ 67.07 and $ 66.72 as the support zone.