Brent Oil Exceeded $75 a Barrel

Brent oil exceeded $75 a barrel on July 2. Today, a barrel of Brent oil is trading at $75.78 in global markets.

The barrel of Brent oil, which went up to $ 76.74 yesterday, closed at $ 75.84. The barrel of brent oil, which decreased by 0.07 percent compared to the closing at 09:02 am today, is trading at $ 75.78. At the same time, a barrel of West Texas (WTI) crude oil was traded at $75.25. The postponement of the OPEC+ group's meeting on Thursday regarding the production policy to be implemented as of August played a role in the decline in prices. While the group is expected to increase its oil production by 400 thousand barrels per day between August and December, the uncertainty in the markets regarding the production policy brought prices down. The energy and oil ministers of 13-member OPEC led by Saudi Arabia and 10 non-OPEC oil producing countries led by Russia will continue their 31st Joint Ministerial Monitoring Committee (JMMC) and 18th Ministerial Meeting today. On the other hand, while the rapid spread of the "delta" variant of Covid-19 raises the concerns that it may cause a new wave, the quarantine measures taken again in many countries and the re-discussion of travel restrictions negatively affect the oil demand outlook. In technical terms, it is stated that the range of $75.89 to $76.09 can be viewed as resistance and the range of $75.69 to $75.49 as support in Brent oil.