Brent Oil Dropped to $69 a Barrel

Brent oil dropped $69 a barrel on August 9. Today in global markets, a barrel of Brent oil is priced at $ 69.08. Here are the details..

The barrel price of Brent oil, which went up to $ 72.43 on the last trading day of last week, closed the day at $ 70.70. The barrel price of Brent oil, which recorded a decrease of 2.29 percent compared to the closing at 09:22 am today, is trading at $ 69.08. At the same time, West Texas Intermediate (WTI) crude oil was traded at $66.67 a barrel. Oil prices continued their downward trend on concerns that the rising US dollar and new restrictions in Asia, especially in China, could hinder the global recovery in fuel demand. The stronger-than-expected data in the US jobs report released on Friday pushed the US dollar to a four-month high against the euro. This put pressure on oil prices. The strength of the US dollar makes oil more expensive for those using other currencies. In technical terms, it is stated that the range of $69.97 to $70.70 can be viewed as resistance and the range of $68.79 to $68.34 as support in Brent oil.