Brent Oil Cruised Above $ 62 A Barrel

Brent oil has cruised above $ 62 a barrel on April 8. Today, a barrel of Brent oil is trading at $ 62.61 in global markets.

The barrel of Brent oil, which reached the level of $ 63.55 on Wednesday, ended the day at $ 63.16. The barrel of Brent oil, which decreased 0.87 percent compared to the closing at 09:46 am today, is trading at $ 62.61. At the same time, the barrel of West Texas type (WTI) crude oil traded at $ 59.20. The unexpected increase in US gasoline stocks played a role in the decline in oil prices, reinforcing the perception that crude oil demand in the country was weakening. According to data released by the US Energy Information Administration yesterday, gasoline stocks increased by 4 million barrels last week, after refineries increased their production before the summer season when vehicle use was on the rise. The forecast for stronger economic growth has increased as the International Monetary Fund (IMF) revised its global growth forecast for this year from 5.5 percent to 6 percent. This situation has been a factor in stopping the downward movement of prices in terms of increasing the demand for oil and petroleum products and contributing to the reduction of stocks. In addition, the concern that oil supply will rise with the lifting of some sanctions in Iran, which is exempt from the production cuts of the OPEC+ group as part of the negotiations to revive the Iran nuclear deal, are driving prices significantly. In technical terms, it is stated that in Brent oil, the range of $ 62.77 and $ 63.05 can be followed as the resistance zone and the range of $ 62.49 and $ 62.21 as the support zone.