Brent Oil Hovered Above $ 64 A Barrel

Brent oil has hovered above $ 64 a barrel on April 2. Today, a barrel of Brent oil is traded at $ 64.67 in global markets.

The barrel price of brent oil, which reached the level of $ 64.72 on Thursday, closed the day at $ 62.74. The barrel of Brent oil, which increased 3.07 percent compared to the closing at 09:10 am today, traded at $ 64.67. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 61.30. The OPEC + group's decision to gradually increase daily oil production for May, June and July played a role in the increase in oil prices. At the 15th Ministerial Meeting, where 13-member OPEC led by Saudi Arabia and 10 non-OPEC oil producing countries led by Russia came together yesterday, it was announced that an increase will be made not to exceed 500 thousand barrels per day for the next three months. Accordingly, OPEC+ countries will increase their daily production by 350 thousand barrels in May and June, and approximately 441 thousand barrels in July. Saudi Arabia will gradually remove the voluntary additional cut of 1 million barrels per day announced in February. US President Joe Biden's announcement of the details of the nearly $ 2 trillion infrastructure package aimed at stimulating the country's economy on Wednesday also supported the rise in oil prices. Despite the growing coronavirus cases in Europe, new restrictions and concerns about supply problems in vaccination, the rapid rise seen in the Eurozone's manufacturing industry Purchasing Managers Index (PMI) data in the Eurozone strengthened the belief that oil demand would experience a similar recovery. In technical terms, it was stated that the range of $ 65.81 and $ 66.72 could be followed as the resistance zone and the support zone between $ 63.22 and $ 61.54 in Brent oil.