Brent Oil Cruised Above $75 a Barrel

Brent oil cruised above $75 a barrel on July 13. Today, a barrel of Brent oil is trading at $75.44 in global markets.

The barrel of Brent oil, which went up to $ 75.50 yesterday, finished the day at $ 75.16. The barrel of Brent oil, which increased by 0.37 percent compared to the closing at 09:19 am today, is trading at $ 75.44. At the same time, West Texas Intermediate (WTI) crude oil was traded at $74.41 a barrel. The increase in oil prices is due to the fact that countries have begun to end the restrictions with the acceleration of vaccination studies in the world and the expectations that increasing travel will have a positive effect on oil demand. In the forecast, which is expected to be announced today by the American Petroleum Institute, prices are expected to rise further if the decline in the commercial crude oil stocks of the USA is pointed out. On the other hand, the possible demand risk that may arise due to concerns about the delta variant of Covid-19, which is known to be more contagious and resistant, suppresses oil prices. While no agreement has been reached on the production policy to be implemented by the OPEC+ group as of August, the news flow on the subject is expected to have an impact on oil prices. In technical terms, it is stated that the range of $75.60 to $75.73 can be viewed as resistance and the range of $75.15 to $75.02 as support in Brent oil.