Brent Oil Cruised Above $72 a Barrel

Brent oil cruised above $72 a barrel on July 26. Today, in the global markets, a barrel of Brent oil is trading at $ 72.53.

Barrel of Brent oil, which went up to $ 74.22 on Friday, closed the day at $ 73.44. The barrel of brent oil, which decreased by 1.24 percent compared to the closing at 09:50 am today, is trading at $ 72.53. At the same time, West Texas Intermediate (WTI) crude oil was traded at $71.14 a barrel. Concerns that the coronavirus (Covid-19) cases, which have increased again in many countries, will negatively affect the global economic recovery and the growth in oil demand played a role in the decline in oil prices. In many countries, new measures and restrictions have been announced in order to prevent the increase in the number of cases caused by the Delta variant, which is the more contagious type of Covid-19, while it is stated that the variant in question has spread especially in regions where vaccination is disrupted. On the other hand, experts say that the OPEC+ group's decision to increase oil production by 400 thousand barrels as of August coincides with a period in which the increase in the number of Covid-19 cases around the world accelerates, which may cause a contraction in the market. In technical teems, it is stated that the range of $ 72.76 to $ 73.11 can be viewed as resistance and the range of $ 72.41 to 71.06 as support in Brent oil.