Brent Oil Dropped to $70 A Barrel

Brent oil dropped to $70 a barrel on August 5. Today in global markets, a barrel of Brent oil is priced at $70.14.

The barrel of Brent oil, which went up to $ 72.83 yesterday, closed the day at $ 70.38. The barrel price of Brent oil, which decreased by 0.34 percent compared to the closing at 09:39 am today, is trading at $ 70.14. At the same time, West Texas Intermediate (WTI) crude oil was traded at $68 a barrel. According to the US Energy Information Administration, US commercial crude oil inventories increased by 3.6 million barrels last week compared to the previous week. The market expectation was that inventories would decrease by 2 million 900 thousand barrels. In addition to the increase in the commercial crude oil stocks of the world's largest oil consumer country contrary to expectations, the weaker than expected data in the USA and China this week, and the concerns that the increase in the number of coronavirus cases will negatively affect the global economic recovery and the growth in oil demand are suppressing prices. On the other hand, the geopolitical tension in the region caused by the claims that the forces of the Iranian armed forces interfering with some foreign ships passing through the Persian Gulf and the Arabian Sea also hinder the decline in oil prices. In technical terms, it is stated that the range of $ 70.31 to $ 70.62 can be viewed as resistance and the range of $ 70 to 69.69 as support in Brent oil.