Brent Oil Cruised Above $74 a Barrel

Brent oil cruised above $74 a barrel on July 30. Today in global markets, a barrel of Brent oil is trading at $74.47.

The barrel of Brent oil, which went up to $ 76.15 yesterday, closed the day at $ 75.10. The barrel of Brent oil, which decreased by 0.84 percent compared to the closing at 09:31 am today, is priced at $ 74.47. At the same time, West Texas Intermediate (WTI) crude oil was traded at $73.03 a barrel. According to the data released yesterday in the USA, the world's largest oil consumer, the country's economy grew by 6.5 percent in the second quarter of the year. Market expectations were for growth of 8.5 percent. Unemployment benefit applications, on the other hand, were above expectations even though they dropped to 400 thousand in the week ending July 24. Weaker-than-expected data is putting pressure on prices, raising concerns that the increase in the number of coronavirus (Covid-19) cases in many countries will negatively affect the global economic recovery and growth in oil demand. Despite the increase in the number of cases, expectations that the rise in vaccination rates will limit the strict quarantine measures, travel restrictions, and concerns about a new wave partially prevent the decline in oil prices. In addition, the OPEC+ group is preparing to increase oil production by 400 thousand barrels per day as of August, in line with the decision taken on July 18. Experts say that as demand continues to rise in the second half of the year, there may be a contraction in the market despite the group's additional production. In technical terms, it is stated that the range of $74.80 to $75.24 can be viewed as resistance and the range of $74.36 to $73.92 as support in Brent oil.