Brent Oil Exceeded $72 a Barrel

Brent oil has exceeded $72 a barrel on June 9. Today in global markets, a barrel of brent oil is trading at $72.57.

Barrel of Brent oil, which went up to $ 72.42 on Tuesday, finished the day at $ 72.22. The barrel of brent oil, which recorded a 0.5 percent increase compared to the closing at 09:02 am today, is trading at $ 72.57. At the same time, a barrel of West Texas type (WTI) crude oil was trading at $70.44. With the arrival of the summer season, the increase in fuel demand and the acceleration of vaccination in the coronavirus (Covid-19) epidemic, the expectations for the recovery of the economies continue to be effective in determining the prices. In its June 2021 Short-Term Energy Outlook Report, the US Energy Information Administration (EIA) stated that despite the increasing number of Covid-19 cases in some countries, especially India, the global oil demand remained higher than the supply in May, and announced that this was effective in the continuation of global crude oil stocks. . The estimation of the decline in the commercial crude oil stocks of the USA strengthened the perception that the demand in the country has increased, also played a role in the rise in prices. According to the estimation of the American Petroleum Institute, US commercial crude oil stocks decreased by 2 million 108 thousand barrels last week compared to the previous week. The market expectation was that inventories would decrease by 3 million 576 thousand barrels. If the official oil stock data from the EIA to be released today show a decline, oil prices are expected to continue to rise. In technical terms, it is stated that the range of $ 72.71 to $ 72.95 can be viewed as resistance and the range of $ 72.47 to $ 72.23 as support in Brent oil.