Brent Oil Dropped to $72 A Barrel

Brent oil dropped to $72 a barrel on August 3. Today in global markets, a barrel of Brent oil is trading at $72.68.

The barrel of Brent oil, which went up to $ 75.39 yesterday, closed the day at $ 72.89. Brent oil, which decreased by 0.29% compared to the closing at 09:34 am today, was priced at $ 72.68 a barrel. At the same time, West Texas Intermediate (WTI) crude oil was traded at $71.06 a barrel. Weaker-than-expected data in the world's largest oil consumers, the USA and China, continues to suppress prices, raising concerns that the increase in the number of coronavirus (Covid-19) cases in many countries will adversely affect the global economic recovery and growth in oil demand. According to the data released yesterday, the US ISM manufacturing industry Purchasing Managers Index (PMI) fell from 60.6 to 59.5, below expectations. In China, the manufacturing industry PMI fell to 50.3. The fact that the OPEC+ group increased its production by 400,000 barrels per day as of August also plays a role in the decline in prices by creating concerns about excess supply in the markets. In technical terms, it is stated that the range of $72.93 to $73.23 can be viewed as resistance and the range of $72.63 to $72.33 as support in Brent oil.