Brent Oil Cruised Above $ 68 A Barrel

Brent oil has cruised above $ 68 a barrel. Today, a barrel of Brent oil traded at $ 68.31 in global markets.

The barrel price of Brent oil, which reached the level of $ 68.42 on Wednesday, closed the day at $ 67.90. The barrel of Brent oil, which increased by 0.6 percent compared to its closing at 09:24 am today, traded at $ 68.31. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 64.89. The realization of the consumer price index in the USA in line with the expectations and the thought that the contribution of vaccination efforts to the economy will be seen in the short term played a role in the rise of prices. The approval of the US $ 1.9 trillion support package in the House of Representatives to improve the effects of the coronavirus (Covid-19) epidemic on the economy also contributed to the rise in prices. The package is expected to be signed by US President Joe Biden on Friday. According to the US Energy Information Administration (EIA) data, last week the gasoline stocks of the USA decreased by 11 million 900 thousand barrels to 231 million 600 thousand barrels. Expectations were for the stocks to drop by 3.5 million barrels. The drop in stocks above the expectations strengthened the perception that the demand from transportation was recovering in the markets and supported the rise in prices. In addition to these, a factor that put a barrier to the rise in prices was the increase in the commercial crude oil stocks of the USA. Commercial crude oil stocks in the country increased by 13 million 800 thousand barrels (2.8 percent) last week compared to the previous week and reached approximately 498 million 400 thousand barrels. The market expectation was that the stocks would decrease by approximately 833 thousand barrels. In technical terms, it was stated that the range of 68.47 to 68.58 dollars could be followed as the resistance zone and the range of 68.28 to 68.20 dollars could be followed as the support zone in Brent oil.