Brent Oil Dropped to $66 A Barrel

Brent oil dropped to $66 a barrel on August 20. Today in global markets, a barrel of Brent oil is priced at $66.73.

The barrel of Brent oil, which went up to $ 67.64 yesterday, completed the day at $ 66.45. The barrel of Brent oil, which increased by 0.42 percent compared to the closing at 09.30 am today, is trading at $ 66.73. At the same time, a barrel of West Texas type (WTI) crude oil was traded at $ 63.81. With the rapid spread of the Delta variant in the worldwide coronavirus (Covid-19) epidemic, the expectations that new measures and travel restrictions will come to the fore are bringing prices down. In Japan, the highest daily number of cases since the beginning of the epidemic was recorded yesterday. In the last 24 hours, the number of Covid-19 cases in the country increased by 25 thousand 156 to 1 million 232 thousand 461, and the number of deaths due to the virus increased by 26 to 15 thousand 555. While the implementation period of Covid-19 bans in New Zealand was extended until August 23, the highest number of daily cases since the beginning of the epidemic was reached in Australia. The fact that the US dollar is trading at the highest levels of the last 9 months with the concerns that the increasing number of cases will slow down the global economic growth also causes investors to avoid risk and plays a role in the decrease in oil prices. Concerns that oil demand will decrease as the summer season, when travel activity is high, is approaching, is another factor that drives prices down. In technical terms, it is stated that the range of $66.79 - $66.89 can be viewed as resistance, and the range of $66.57 to 66.45 as support in Brent oil.