Barrel Price Of Brent Oil Is On The Rise

Barrel Price of Brent oil is on the rise on April 28. Today, a barrel of Brent oil is trading at $ 66.14 in global markets.

The barrel of Brent oil, which reached the level of $ 66.80 on Tuesday, closed the day at $ 65.87. The barrel of Brent oil, which increased by 0.41 percent compared to the closing at 09:54 am today, is trading at $ 66.14. At the same time, West Texas type (WTI) crude oil traded at $ 63.19 a barrel. The strong global economic recovery of the OPEC+ group played a role in the increase in oil prices. OPEC countries pointed out that the global economy is in the process of recovery and the recovery is expected to accelerate in the second half of the year, at the 16th Ministerial Meeting planned to be held today, but with a sudden decision, the May, June and It was decided to continue with the plan to gradually ease the daily oil production cuts for the months of July. On the other hand, the thought that the increase in new types of coronavirus (Covid-19) cases in some countries, especially India, the third largest oil consumer in the world, would adversely affect the demand for oil put a barrier to the rise of prices. In addition, the estimation of the increase in commercial crude oil stocks of the USA, the world's largest oil consumer, caused prices to be suppressed. According to the estimates of the American Petroleum Institute, the commercial crude oil stocks of the USA increased more than expected by 4 million 319 thousand barrels compared to the previous week. The market expectation was that the stocks would increase by 375 thousand barrels. In technical terms, it was stated that the range of $ 66.19 and $ 66.54 could be followed as the resistance zone and the range of $ 65.84 and $ 65.49 as the support zone in Brent oil.