Brent Oil Cruised Above $70 A Barrel

Brent oil cruised above $70 a barrel on June 8. Today, in global markets, brent oil is trading at $70.97 a barrel.

The barrel price of Brent oil, which went up to $ 72.27 on Monday, ended the day at $ 71.49. The barrel of brent oil, which decreased by 0.72 percent compared to the closing at 09:18 am today, is trading at $ 70.97. Meanwhile, West Texas Intermediate (WTI) crude oil was traded at $68.75 a barrel. The fact that the number of coronavirus (Covid-19) cases worldwide cannot be reduced to the desired extent, prices continue to be suppressed. According to new news, the number of cases exceeded 34 million 211 thousand in the USA, 28 million 974 thousand in India and 16 million 947 thousand in Brazil, while the Covid-19 vaccine application in the southern states of the USA went slower than expected, in the summer cases in these regions. It was noted that there was concern about a new surge. On the other hand, the effects of the epidemic in Asia came to the fore as a factor that put pressure on prices. According to the statement made by the Pakistani Coronavirus National Management and Control Center (NCOC), the total number of cases in the country increased to 933 thousand 630 and the number of deaths to 21 thousand 323 with 1490 cases detected in the last 24 hours. In Japan, the number of Covid-19 cases increased by 1278 in the last 24 hours to 763 thousand 785, and the number of deaths due to the virus increased to 13 thousand 673. In addition, it was stated that the increase in fuel demand during the summer and the recovery of the economies with the vaccination will support the prices. In technical terms, it was stated that the range of 71.11 to 71.34 dollars can be viewed as resistance and the range of 70.88 to 70.65 dollars as support in Brent oil.