Brent Oil Hits Above $ 70 A Barrel

Brent oil hits above $ 70 a barrel on March 8. Today, a barrel of Brent oil is traded at $ 70.65 in global markets.

The barrel price of Brent oil, which rose to $ 69.69 on the last trading day of the last week, closed the day at $ 69.36. The barrel of Brent oil, which increased by 1.86 percent compared to its closing at 09:40 am today, traded at $ 70.65. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 67.27. In Yemen, the Iran-backed Houthis attacks on Saudi Arabia's oil port and facilities, the world's largest oil exporter, created supply-based concerns and played a role in the rise in prices. It was inevitable for the prices to rise rapidly when the tension in the region escalated. Yahya es-Seri, the military spokesperson of the Houthis, shared on his Twitter account yesterday, announced that Saudi Aramco company in Ras Tanura Port of Saudi Arabia and military targets in Demmam, Asir and Jazan cities has been hit directly with 8 ballistic missiles and 14 unmanned aerial vehicles (UAV). The Saudi Arabian Ministry of Energy announced yesterday morning that the Ras Tanura Port, one of the world's largest oil ports in the east of the country, was attacked with UAVs, and in the evening, the Saudi Aramco facilities in the city of Zahran were attacked with a ballistic missile.   US Support Package Effect on Prices The acceptance of the support package, which is planned to be given against the economic effects of the coronavirus (Covid-19) epidemic in the USA, the world's largest oil consumer, on Saturday also created an expectation of an increase in oil demand and had an impact on the rise in prices. In addition, the decision of the OPEC+ group to continue the current production cut in April continued to support the rise in prices. In technical terms, it was stated that the range of $ 70.96 and $ 71.26 could be followed as the resistance zone and the range of $ 70.66 and $ 70.36 as the support zone in Brent oil.