Brent Oil Hits Above $61 A Barrel

Brent oil hits above $61 a barrel on February 11. Today, a barrel of Brent oil traded at $ 61.10 in global markets.

The barrel price of Brent oil, which reached the level of $ 61.69 on Wednesday, closed the day at $ 61.47. The barrel price of Brent oil, which decreased by 0.60 percent compared to the closing at 09:37 am today, traded at $ 61.10. At the same time, West Texas type (WTI) crude oil traded at $ 58.34 a barrel. In the new type of coronavirus (Covid-19) epidemic, the failure to reach the desired point despite vaccination efforts created the perception that the economic recovery would take a long time, causing the oil prices to decrease. The risk of mutation in the epidemic, especially in European countries, and the news that the measures taken could be extended regionally, created the idea that the demand for oil will continue to remain weak and supported the decrease in prices. US Federal Reserve (FED) President Jerome Powell said, "We are still far from a strong labor market, despite the surprising pace of recovery in the early period," yesterday on the state of the labor market. In addition, the decrease in the commercial crude oil stocks of the USA, the world's largest oil consumer, strengthened the perception of an increase in demand in the country and partially prevented the decrease in prices. According to the data released by the US Energy Information Administration, the country's commercial crude oil stocks decreased by approximately 6 million 600 thousand barrels last week compared to the previous week. The market expectation was that the stocks would increase by approximately 1 million 340 thousand barrels. In technical terms, it was stated that the range of $61.11 and $61.25 could be followed as the resistance zone and the range of $60.97 and $60.83 as the support zone in Brent oil.