Brent Oil Cruised Above $73 A Barrel on July 28

Brent oil cruised above $73 a barrel on July 28. Today, in global markets, a barrel of Brent oil is trading at $ 73.97.

The barrel price of Brent oil, which went up to $ 75.05 yesterday, completed the day at $ 73.52. The barrel of Brent oil, which recorded an increase of 0.61 percent compared to the closing at 09:33 am today, is trading at $ 73.97. At the same time, West Texas Intermediate (WTI) crude oil was traded at $72.19 a barrel. The forecast of a decrease in commercial crude oil stocks of the USA, the world's largest oil consumer, strengthened the perception that the growth in demand will exceed the supply, despite the increase in coronavirus (Covid-19) cases, and played a role in the rise in prices. According to the forecast of the American Petroleum Institute, US commercial crude oil stocks fell by 4 million 153 thousand barrels last week compared to the previous week, above the expectations. The market expectation was that stocks would decrease by 3 million 433 thousand barrels. Official oil stock data from the US Energy Information Administration (EIA) will be released today. Oil prices are expected to continue rising if the EIA points to a decline in inventories. Experts state that the OPEC+ group's decision to increase oil production by 400 thousand barrels as of August, coinciding with a period in which the increase in the number of Covid-19 cases worldwide accelerated, may cause a contraction in the market. On the other hand, concerns that the Covid-19 cases, which have increased again in many countries, will negatively affect the global economic recovery and the growth in oil demand, continue to put pressure on prices. In technical terms, it is stated that the range of 74.07 to 74.37 dollars can be followed as resistance and the range of 73.77 to 73.47 dollars can be viewed as support in Brent oil.