Brent Oil Dropped To $72 A Barrel

Brent crude oil dropped to around $72 a barrel on June 18. Today in global markets, a barrel of Brent oil is trading at $72.66.

Brent oil, which went up to $ 74.50 on Thursday, ended the day at $ 73.08. The barrel of brent oil, which decreased by 0.6 percent compared to the closing at 09.09 am today, is trading at $ 72.66. At the same time, a barrel of West Texas type (WTI) crude oil was traded at $70.75. The continued increase in the US dollar after the statements of the US Federal Reserve (FED) played a role in the decrease in oil prices. FED, on Wednesday, stated that possible interest rate hike steps could start earlier than expected and pointed to the year 2023. However, the committee had previously said in March that no rate hike is expected until 2024. The fact that the number of coronavirus (Covid-19) cases in the UK exceeded 11 thousand for the first time since February, adversely affected the demand recovery in the markets and pressured prices downwards. According to the statement made by the British Ministry of Health, the number of daily cases, which was recorded as 7 thousand 393 on Thursday last week, increased to 11 thousand 7 with an increase of about 49 percent a week later. Thus, the highest number of cases has been recorded since February 19, when 12 thousand 27 cases were detected in the country. The Public Health Agency of England reported that the "Delta" variant, first seen in India, has become the most dominant species in the country, surpassing the "Alpha" (UK) variant. On the other hand, the positive statements of Iranian Deputy Foreign Minister Abbas Arakchi about the negotiations called "Joint Comprehensive Plan of Action (KOEP)" that have been going on for more than two months in Vienna, the capital of Austria, also suppressed prices. Arakchi said they were "closer than ever to an agreement" in talks on Thursday, which focused on the full implementation of the Iran nuclear deal. However, reaching an agreement in the talks brought along the concerns that there would be excess supply in the markets with the lifting of the oil embargo against Iran. In technical terms, it was stated that the range of $ 72.71 to $ 72.99 can be viewed as resistance and the range of $ 72.43 to $ 72.15 as support in Brent oil.