Brent Oil Cruised Above $73 a Barrel

Brent oil cruised above $73 a barrel on July 16. Today in global markets, a barrel of Brent oil is trading at $73.03.

Barrel of Brent oil, which went up to $ 74.59 on Thursday, closed the day at $ 73.47. The barrel of Brent oil, which decreased by 0.60 percent compared to the closing at 09:42 am today, is trading at $ 73.03. At the same time, West Texas Intermediate (WTI) crude oil was traded at $71.22 a barrel. The demand risk posed by the concerns about the coronavirus (Covid-19) epidemic and the uncertainty stemming from the OPEC+ group on the supply side played a major role in the decline in oil prices. While the acceleration of the spread of the delta variant of Covid-19 around the world increased the concerns about a new wave, the quarantine measures taken again in many countries and the re-emergence of travel restrictions had a negative impact on the oil demand outlook. While the OPEC+ group has not yet reached an agreement on the production policy to be implemented as of August, the news flow on the subject continues to be decisive on prices. WAM, the official agency of the United Arab Emirates (UAE), stated that the negotiations between the OPEC + group continue and denied the rumors that an "agreement was reached" in the international press. In technical terms, it is stated that the range of $73.28 to $73.55 can be viewed as resistance and the range of $73.01 to $72.74 as support in Brent oil.