Brent Oil Cruised Above $72 a Barrel

Brent oil cruised above $72 a barrel on September 9. Today, a barrel of Brent oil is priced at $72.84 in global markets.

Brent oil, which went up to $ 72.95 yesterday, closed the day at $ 72.60. The barrel of Brent oil, which recorded an increase of 0.33 percent compared to the closing at 09.32 am. Today, it is trading at $ 72.84. At the same time, West Texas Intermediate (WTI) crude oil was traded at $69.44 a barrel. The slow-than-expected recovery of oil supply in the Gulf of Mexico, which was interrupted by Hurricane Ida in the USA, the world's largest oil producer, played a role in the rise in prices. The U.S. Department of the Interior's Security and Environmental Enforcement Administration reported that approximately 76 percent of oil production and 77 percent of natural gas production in the Gulf of Mexico are still closed. Offshore oil platforms in the Gulf of Mexico account for about 17 percent of production in the United States. In the region, where approximately 1.4 million barrels of oil per day cannot be produced, the amount of oil lost so far due to the hurricane has reached approximately 17.5 million barrels. According to the forecast of the American Petroleum Institute, US commercial crude oil inventories fell by about 2.9 million last week from the previous week. The market expectation is that inventories will decrease by 3.9 million barrels. On the other hand, fuel stocks in the country fell by 6.4 million barrels, above the expectations. Official oil stock data from the U.S. Energy Information Administration will be released today. The emergence of new measures due to the rapid spread of the Delta variant continues to put pressure on prices. Raising concerns that it will adversely affect the global economic recovery and growth in oil demand. In technical terms, it is stated that the range of $73.01 to $73.59 can be viewed as resistance, and the range of $72.43 to $71.85 as support in Brent oil.