Brent Oil Hovered Above $ 62 A Barrel
Brent oil has hovered above $ 62 a barrel on April 7. Today, a barrel of Brent oil is trading at $ 62.83 in global markets.
The barrel of Brent oil, which reached a level of $ 64.28 on Tuesday, closed the day at $ 62.74. The barrel of Brent oil, which increased by 0.14 percent compared to the closing at 09:26 am today, is trading at $ 62.83. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 59.41.
The positive expectations for an economic recovery played a major role in the increase in oil prices.
The International Monetary Fund (IMF), which published a report yesterday, pulled its global growth forecast from 5.5 percent to 6 percent this year. In the report, it was pointed out that extraordinary policy measures relieve financial conditions and support the economy by helping to contain risks to financial stability.
Following the US non-farm payroll data released last week, the service sector data announced on Monday exceeded expectations and reached an all-time high, and the acceleration of the recovery in the service sector in China further increased optimism about economic activity across the world.
The fact that the decline in commercial crude oil stocks in the USA, the world’s largest oil consumer, strengthened the perception that the demand in the country has increased, has also been a factor that supports the upward movement of prices. According to the estimates of the American Petroleum Institute, the USA’s commercial crude oil stocks decreased more than expected by 2 million 618 thousand barrels last week compared to the previous week. The market expectation was that the stocks would decrease by approximately 1 million 325 thousand barrels.
Official oil stock data of the US Energy Information Administration will be announced today.
In technical terms, it is stated that the range of 63.04 to 63.37 dollars can be followed as the resistance zone and the range of 62.71 to 62.38 dollars can be followed as the support zone in Brent oil.