Brent Oil Hits Above $ 69 A Barrel

Brent oil hits above $ 69 a barrel on March 12. Today, a barrel of Brent oil is traded $ 69.19 in global markets.

The barrel of Brent oil, which reached the level of $ 69.84 on Thursday, closed the day at $ 69.63. Brent oil barrel, which decreased by 0.63 percent compared to the close at 10:02 am today, traded at $ 69.19. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 65.56. The rate of spread of new types of coronavirus (Covid-19) variants and the slowdown in vaccination efforts caused prices to fall, creating concerns that global oil demand would be weak.   Stimulus Package Accepted in USA A factor limiting the price decline was the approval of the US support package and the expectation that global oil demand will recover in the second half of the year. The $ 1.9 trillion economic stimulus package, which will be implemented in the USA as part of the fight against coronavirus, was signed by US President Joe Biden yesterday after its acceptance in the House of Representatives. Also yesterday, the Organization of Petroleum Exporting Countries published a report. In the report, the organization shared the forecast that oil demand, which will remain weak in the first half of the year, will increase with the reflection of the positive impact in the economies on consumption in the second half due to the widespread measures taken in European countries as part of the fight against the epidemic and the high unemployment rates in the USA slowing the recovery process. In technical terms, it was stated that the range of $ 70.31 and $ 72.16 could be followed as the resistance zone and the range of $ 68.46 and 66.61 as the support zone in Brent oil.