Brent Oil Hovered Above $65 A Barrel

Brent oil has hovered above $65 a barrel. A barrel of Brent oil is traded at $ 65.22 in global markets today.

The barrel price of Brent oil, which reached the level of $ 65.85 on the first trading day of the week, closed the day at $ 64.36. The barrel price of Brent oil, which increased by 1.34 percent compared to the closing at 09:48 am today, traded at $ 65.22. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 62.48. Following the cessation of crude oil supply due to the freezing cold in the USA last week, the expectation that the transition to full capacity production in the state of Texas, the world's largest oil producer, would take time and production would decrease, brought with it the rise in prices. It is estimated that it will take several weeks for production in the US to recover as frozen pipes and power outages slow the recovery. Speaking to Anadolu Agency (AA), Risk and Oil Analyst Jose Chalhoub stated this week that electricity and oil production in Texas has gradually resumed, but it will likely take at least 2 weeks for refineries to start to full capacity. In addition, while the point reached in coronavirus vaccine studies increases hopes, experts say that production in the USA is expected to remain below the pre-epidemic level in the long term, and this situation strengthens the perception that demand and supply will be balanced in global markets. In technical terms, it is stated that in Brent oil, the range of $ 66 to $ 67.27 can be followed as the resistance zone and the range of $ 64.73 to $ 63.46 as the support zone.