Brent Oil Cruised Above $71 A Barrel

Brent oil cruised above $71 a barrel on August 30. Today in global markets, a barrel of Brent oil is priced at $71.68.

Brent oil, which went up to $ 71.17 on Friday, closed the day at $ 72.70. The barrel of Brent oil, which recorded a decrease of 1.40 percent compared to the closing at 09:22 am today, is trading at $ 71.68. At the same time, West Texas Intermediate (WTI) crude oil was traded at $68.36 a barrel. Oil prices, which dropped by nearly 9 percent last week, rose by nearly 9 percent until Friday last week. The concern that the Delta variant may adversely affect the economic recovery in the Covid-19 outbreak still continues to be perceived as a risk factor in the markets. However, the news that the Chinese economy has started to return to normal recently supports oil prices upwards. In addition, the evacuation of oil production areas in the Gulf of Mexico due to hurricane concerns also raises oil prices. In technical terms, it is stated that the range of $71.80 to $71.93 can be viewed as resistance and the range of $70.90 to $70.82 as support in Brent oil.