Brent Oil Cruised Above $ 68

Brent oil has cruised above $ 68 a barrel on May 26. Today, a barrel of Brent oil is trading at $ 68.68 in global markets.

The barrel of Brent oil, which reached the level of $ 68.90 on Tuesday, closed the day at $ 68.49. The barrel of Brent oil, which increased by 0.28 percent compared to the closing at 09:48 am today, is trading at $ 68.68. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 66.16. Oil prices are mixed with the possibility of a resumption of Iranian oil supply, despite the forecast of a decline in commercial crude oil stocks by the world's largest oil consumer, the United States. According to the estimation of the American Petroleum Institute, the commercial crude oil stocks of the USA decreased by 436 thousand barrels last week compared to the previous week. While this forecast supports the expectations that demand will recover in the country, the ongoing nuclear agreement negotiations between Iran and the USA continue to determine the course of oil prices. The parties gathered yesterday for the 5th session of the talks, which started in Vienna, the capital of Austria, on April 6 and discussed the full implementation of the Iran nuclear agreement, called the Comprehensive Joint Action Plan, and the return of the US sanctions to the agreement. After the meeting, in the press release prepared by the EU delegation and read to journalists, it was stated that the extension of the technical agreement between Iran and the International Atomic Energy Agency for another month was welcomed. Statement said, "Efforts have been doubled to ensure the full and effective implementation of the JOBP, the ultimate goal of the Vienna talks, and the possible return of the United States to the agreement." On the other hand, despite the gradual relaxation of restrictions following the decline in the number of coronavirus (Covid-19) cases in the USA and Europe, the world's largest oil consumer, the high number of cases in the Asian region, including India, the world's third largest oil importer, negatively affected the demand outlook. continues to suppress prices. In technical terms, it is stated that in Brent oil, the range of $ 68.70 and $ 68.96 can be followed as the resistance zone, and the range of $ 68.44 and $ 68.18 can be followed as the support zone.