Barrel Price of Brent Oil Dropped to $69

The barrel price of Brent oil dropped to $69 on July 20. Today, in global markets, a barrel of Brent oil is trading at $ 69.31.

The barrel of Brent oil, which fell to $ 67.75 yesterday, closed the day at $ 68.82. The barrel of Brent oil, which recorded a 1 percent increase compared to the closing at 09:13 am today, is trading $ 69.31. At the same time, West Texas Intermediate (WTI) crude oil was traded at $67.14 a barrel. Oil prices, which have shown a limited increase, are moving mixed with concerns that the increase in Covid-19 cases will slow the global economic recovery. The Delta variant, which has been detected in about 100 countries around the world and has become the dominant type, continues to spread rapidly in regions where vaccinations are interrupted while causing restrictions that may adversely affect the outlook for oil demand. Experts underline that the vaccines developed against the virus are less effective on the Delta variant. The decision of the OPEC+ group to increase their production by 400 thousand barrels as of August, while the concerns about the demand due to the epidemic continued, negatively affected the prices. Experts say that the decision of OPEC+ countries to increase production will bring stability to the market in the long run and that the extra barrels will be easily melted in the market with the increase in economic activities. In technical terms, it is stated that the range of $69.45 to $69.71 can be viewed as resistance and the range of $68.39 to 68.13 as the support region in Brent oil.