Brent Oil Cruised Above $ 67 A Barrel

Brent oil cruised above $ 67 a barrel on April 30. Today, a barrel of Brent oil is trading at $ 67.78 in global markets.

The barrel of Brent oil, which went up to $ 68.95 yesterday, closed the day at $ 68.05. A barrel of Brent oil, which decreased by 0.40 percent compared to the close at 10:04 am today, is trading at $ 67.78. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 64.65. In the decline in oil prices, concerns that the increase in coronavirus (Covid-19) cases in some countries, especially India, the world's third largest oil consumer, will adversely affect oil demand. On the other hand, the signals of an economic recovery in the USA and China, the world's largest oil consumers, and optimistic expectations regarding oil demand partially prevent prices from falling. According to the data released by the US Department of Commerce, the US economy grew by 6.4 percent in the first quarter of the year, above expectations. The US economy was expected to grow by 6.1 percent in this period. The number of people who applied for unemployment benefits for the first time in the country decreased to 553 thousand in the week ending April 24. While major cities in the US are planned to reopen completely, New York Mayor Bill de Blasio announced that they aim to lift the epidemic restrictions by July 1. In China, it is predicted that the number of travelers on a one-week holiday that will start tomorrow will reach record levels and there will be an increase in fuel demand. In technical terms, it was stated that in Brent oil, the range of $ 67.84 and $ 68.06 could be followed as the resistance zone and the range of $ 67.62 and $ 67.40 as the support zone.