Brent Oil Exceeded $73 A Barrel

Brent oil has exceeded $73 a barrel on June 14. Today in global markets, a barrel of brent oil is trading at $73.09.

Barrel of Brent oil, which went up to $ 73.09 on the last trading day of last week, finished the day at $ 72.69. The barrel of brent oil, which increased by 0.6 percent compared to the closing at 09:10 am today, is trading at $ 73.09. At the same time, West Texas Intermediate (WTI) crude oil was traded at $71.27 a barrel. With the acceleration of vaccination, which continues within the framework of the fight against the coronavirus (Covid-19) epidemic worldwide, the lifting of travel restrictions and the optimistic outlook regarding oil demand have a positive effect on prices. The increase in jet fuel consumption due to the intensification of vehicle traffic and the increase in flights in North America and most of Europe also reflects positively on prices. In the June oil market report of the International Energy Agency (IEA), which was presented last week, the positive statements regarding the global oil demand in the second half of the year and next year also supported the upward movement in prices. According to the report, oil demand will increase by 2.5 million barrels per day compared to last month and 7.4 million barrels per day compared to last year. Global oil demand will reach 96 million 400 thousand barrels this year, with an increase of approximately 5.4 million barrels (6 percent) compared to last year. By the end of next year, demand will return to pre-Covid-19 levels and increase by 3.1 million barrels per day compared to this year. In addition to these, the outlook of the oil industry in the USA and the number of oil drilling rigs, which are accepted as an indicator of short-term crude oil production, reached the highest level since April last year, which also supported the prices. In technical terms, it was stated that the range of $73.10 to $73.23 can be viewed as resistance and the range of $72.97 to $72.84 as support in Brent oil.