Brent Oil Hits Above $ 70 A Barrel

Brent oil hits above $ 70 a barrel on May 18. Today, a barrel of Brent oil is trading at $ 70.22 in global markets.

The barrel price of Brent oil, which reached the level of $ 69.62 on the first trading day of the week, closed the day at $ 69.46. The barrel of Brent oil, which increased by 1.09 percent compared to the closing at 10:31 am today, is trading at $ 70.22. At the same time, the barrel of West Texas type (WTI) crude oil found buyers at $ 66.97. Thus, oil prices were traded at the highest level in the last 2 months. The start of lifting restrictions on the coronavirus (Covid-19) outbreak in the USA and Europe played a major role in the increase in oil prices, strengthening the expectation that oil demand will recover. While the world's largest oil consumer, USA, who had both doses of Covid-19 vaccines, was allowed to not wear a mask as of tomorrow, restriction measures were lifted in many states. In the UK, within the scope of the third phase of the 4-stage normalization announced by the government for the abolition of Covid-19 measures, many businesses, including entertainment centers, were re-opened after about 4 months. In the fourth phase, which will be implemented on June 21, it is aimed to remove all restrictions in the country within the scope of Covid-19 measures. While the restrictions on Covid-19 eased relaxed in France, where vaccination studies are continuing, some European countries such as Portugal have started to accept tourists from European Union countries and England where Covid-19 cases are low. On the Asian side, concerns that the increase in Covid-19 cases, especially India, the world's third largest oil importer, and the resulting restriction decisions, will reflect negatively on oil demand continue to suppress prices. In technical terms, it is stated that the range of $ 70.24 and $ 71.28 can be followed as a resistance zone in Brent oil, and the range of $ 66.82 and $ 64.94 can be followed as a support zone.