Barrel Price of Brent Oil Declined

Barrel price of Brent oil declined on July 8. Today in global markets, a barrel of Brent oil is trading at $ 73.09.

The barrel of Brent oil, which went up to $ 75.99 yesterday, finished the day at $ 73.43. The barrel of brent oil, which decreased by 0.46 percent compared to the closing at 10:20 am today, is trading at $ 73.09. At the same time, West Texas Intermediate (WTI) crude oil was traded at $71.83 a barrel. The uncertainty in the supply caused by the cancellation of the meeting, where the OPEC+ group will determine the production policy to be implemented as of August, on Monday due to the disagreement between the member countries, continues to affect the prices. Experts say that oil prices, which have seen sudden rises and falls since the cancellation of the meeting, are effective because the disagreement between OPEC+ countries may cause irregular production in the market. While the spread of the "delta" variant of Covid-19 increased worldwide, the concerns of the new wave, the quarantine measures taken again in many countries and the re-emergence of travel restrictions have a negative impact on the oil demand outlook. In addition, prices are partially supported by the perception that the decrease in the commercial crude oil stocks of the USA strengthens the perception that the demand in the country is increasing. In technical terms, it is stated that the range of 73.59 and 74.18 dollars can be viewed as resistance and the range of 73 to 72.41 dollars as support in Brent oil.