Brent Oil Exceeded $74 A Barrel

Brent crude oil exceeded $74 a barrel on June 16. Today in global markets, a barrel of brent oil is trading at $74.47.

The barrel of Brent oil, which went up to $ 74.33 yesterday, closed the day at $ 73.99. The barrel of brent oil, which recorded an increase of 0.6 percent compared to the closing at 09:34 am today, was traded at $ 74.47. At the same time, West Texas Intermediate (WTI) crude oil was traded at $72.58 a barrel. The estimation of the decline in the commercial crude oil stocks of the USA strengthened the perception that the demand in the country was increasing, which played a role in the increase in prices. According to the estimation of the American Petroleum Institute, there was a decrease of 8 million 537 thousand barrels in the commercial crude oil stocks of the USA last week compared to the previous week. The market expectation was that inventories would decrease by 3 million barrels. Official oil stock data from the U.S. Energy Information Administration (EIA) will be released today. If the EIA points to a decline in inventories, oil prices are expected to continue to rise. On the other hand, the optimistic outlook for oil demand continues to affect prices, with the acceleration of vaccination programs carried out within the scope of combating the coronavirus (Covid-19) epidemic worldwide and the increase in traffic density due to the summer season. In technical terms, it is stated that the range of 74.60 to 74.90 dollars can be followed as a resistance zone and the range of 74.30 to 74 dollars as a support zone in Brent oil.