Brent Oil Dropped To $ 73 A Barrel

Brent crude oil has dropped to $ 73 a barrel on June 29. Today, in global markets, a barrel of Brent oil is trading at $ 73.98.

The barrel price of Brent oil, which went up to $ 76.60 yesterday, closed the day at $ 74.14. The barrel price of Brent oil, which decreased by 0.22 percent compared to the closing at 09.27 am today, is trading at $ 73.98. At the same time, West Texas Intermediate (WTI) crude oil was traded at $72.78 a barrel. The uncertain demand outlook created by the coronavirus (Covid-19) variants played a role in the drop in oil prices. While the acceleration of the spread of the "Delta" variant of the coronavirus worldwide caused concerns that it could lead to a new wave, the reintroduction of travel restrictions accordingly, negatively affected the demand outlook and suppressed oil prices. The Delta variant, first seen in India and described as "worrying" by the World Health Organization, is expected to soon become the dominant type worldwide due to its high contagiousness. The new variants, which are also seen in European countries such as France and Italy, raise concerns that they may affect travel mobility, which is expected to be high in the summer period. While the highest daily number of cases for about 5 months was seen in the UK, which is one of the countries where the Delta variant is prevalent, the Hong Kong Special Administrative Region of China, as well as some European countries, decided to ban passenger flights from the UK. In addition, there were news that Germany is also working on the removal of travel restrictions to the UK throughout the European Union (EU). On the other hand, the markets focused on the meeting of the OPEC+ group, which will be held on July 1, regarding the production policy to be implemented as of August. In technical terms, it was stated that the range of $74.08 to $74.36 can be viewed as resistance, and the range of $73.80 to 73.52 as support in Brent oil.