Brent Oil Cruised Above $ 68 A Barrel

Brent oil cruised above $ 68 a barrel on May 7. A barrel of Brent oil was traded at $ 68.09 in global markets today.

The barrel of Brent oil, which reached a level of $ 69.36 on Thursday, closed the day at $ 68.09. The barrel of Brent oil, which increased by 0.56 percent compared to the closing at 09:30 am today, is trading at $ 68.47. At the same time, West Texas (WTI) crude oil traded at $ 65.05 a barrel. Data showing the economic recovery from the world's largest oil consumers, the United States and China, and the increased optimism about oil demand played a role in the rise in oil prices. According to the data released in China today, the export and service sector Purchasing Managers Index (PMI) data came above expectations in April. Exports in China rose 32.3 percent year on year last month, while the service sector PMI rose from 54.3 to 56.3. According to the data released yesterday in the USA, unemployment benefit applications decreased to 498 thousand in the week ending May 1 and reached the lowest level recorded since March 2020. In addition, stretching the measures taken against the coronavirus (Covid-19) epidemic in the USA and some European countries increases the expectations that there will be an increase in the demand for oil from transportation in the upcoming summer season and supports the rise in prices. On the other hand, the thoughts that the increase in Covid-19 cases in some countries, especially India, the world's third largest oil consumer, will adversely affect oil demand, causing an imbalance in prices. In technical terms, it is stated that the range of $ 68.67 and $ 69.20 can be followed as a resistance zone and the range of $ 68.14 and $ 67.61 as a support zone in Brent oil.