Brent Oil Declined to $71 A Barrel

Brent oil has declined to $71 a barrel on September 6. Today in global markets, a barrel of Brent oil is priced at $71.65.

Brent oil, which went up to $ 73.69 on Friday, completed the week at $ 72.61. The barrel of Brent oil, which recorded a decrease of 1.32 percent compared to the closing at 09:25 am today, is trading at $ 71.65. At the same time, West Texas Intermediate (WTI) crude oil was traded at $68.41 a barrel. One of the world's largest oil producers, Saudi Arabia's announcement that it lowered its oil prices for Asian customers in October played a major role in the decline in oil prices. On the other hand, weak US labor market data released on Friday lowered global oil demand expectations, pushing prices down. On the other hand, supply cuts due to Hurricane Ida, which caused the interruption of oil and gas production in the US Gulf of Mexico last week, limited the downward movement of prices. Due to the hurricane, companies such as BP, Shell, Chevron and BHP operating in the region had to suspend production on the offshore oil platforms. After Hurricane Ida, the number of oil rigs in the US also decreased. According to the weekly data released by oil field services company Baker Hughes, the number of oil rigs in the US decreased by 16 to 394 in the period of 28 August-3 September compared to the previous week. In technical terms, it was stated that the range of 71.74 to 71.93 dollars in Brent oil can be viewed as resistance and the range of 71.44 to 71.33 dollars as support.