Brent Oil Cruised Above $75 a Barrel

Brent oil cruised above $75 a barrel on June 24. Today, a barrel of brent oil is trading at $75.45 in global markets.

The barrel of Brent oil, which went up to $ 76.02 yesterday, closed the day at $ 75.19. The barrel of brent oil, which recorded an increase of 0.35 percent compared to the closing at 09:45 am today, is trading at $ 75.45. The increase in oil prices, which saw its highest levels since October 2018 yesterday, played a role in the decrease in the commercial crude oil stocks of the USA, the world's largest oil consumer, strengthening the perception that demand in the country is on the rise. According to data from the US Energy Information Administration, the country's commercial crude oil inventories fell by about 7 million 600 thousand barrels from the previous week, more than expected. The market expectation was that inventories would decrease by 3 million 625 thousand barrels. In the aforementioned period, US gasoline stocks also fell more than expected, with approximately 2 million 900 thousand barrels. Markets focused on the decision to come out of the meeting next week on the post-July production policy of the OPEC+ group. At its meeting on April 1, the group decided to gradually increase daily oil production for May, June and July. At the meeting of the OPEC+ group to be held on July 1, it is expected that an agreement will be reached on the continuation of production increase due to the recovery in oil demand and prices. In technical terms, it is stated that the range of $75.58 to $75.79 can be viewed as resistance and the range of $75.37 to $75.16 as support in Brent oil.