Brent Oil Cruised Above $ 65 A Barrel

Brent oil has cruised above $ 65 a barrel on April 27. A barrel of Brent oil is trading at $ 65.43 in global markets today.

The barrel of Brent oil, which reached the level of $ 66.26 on the first trading day of the week, closed the day at $ 65.03. Brent oil barrel, which increased by 0.62 percent compared to the closing at 10:05 am today, is trading at $ 65.43. At the same time, West Texas type (WTI) crude oil traded at $ 62.27 a barrel. Oil prices surged, as the Organization of Petroleum Exporting Countries (OPEC) Joint Technical Committee (JTC) repeated its positive expectations for oil demand. In his speech at the JTC meeting yesterday, OPEC Secretary General Muhammed Barkindo drew attention to the recovery in the global economy and oil markets and stated that there are positive signals about the future of the sector. On the other hand, Barkindo warned that there are many factors that require caution in the markets. The markets turned their eyes to the production increase that the OPEC+ group will implement as of May in line with the previous decision and the meeting where the group will come together tomorrow. At its meeting on April 1, the group decided to gradually increase its daily oil production for May, June and July. At the technical meeting to be held tomorrow by the OPEC+ group, it is not foreseen to change the oil production policy. In addition, concerns that the increase in coronavirus (Covid-19) cases in some countries, especially India, the world's third largest oil consumer, will reflect negatively on oil demand put a barrier to the rise of prices. In technical terms, it is stated that the range of $ 65.59 and $ 66.05 can be followed as a resistance zone and the range of $ 65.13 and $ 64.67 can be followed as a support zone in Brent oil.