Brent Oil Hovered Above $ 66 A Barrel

Brent oil has hovered above $ 66 a barrel on April 21. Today, a barrel of Brent oil is trading at $ 66.20 in global markets.

The barrel of Brent oil, which reached the level of $ 68.08 on Tuesday, closed the day at 66.57. The barrel of Brent oil, which decreased by 0.56 percent compared to the closing at 09:35 am today, is trading at $ 66.20. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 62.27. In the fall of oil prices, the concern that the tight measures imposed by the increase in the number of coronavirus (Covid-19) cases in India, the world's third largest oil consumer, will negatively affect the demand for oil played a major role. According to the statement made by the Ministry of Health of India, with the detection of 295 thousand 41 new cases in the last 24 hours, the total number of cases was 15 million 616 thousand 130. While 2 thousand 23 people died in the last 24 hours due to Covid-19 in the country, the total loss of life increased to 182 thousand 553. Expectations of an increase in the commercial crude oil stocks of the USA, the world's largest oil consumer, were also a factor in the fall in prices. According to the estimates of the American Petroleum Institute, the commercial crude oil stocks of the USA increased by 436 thousand barrels compared to the previous week. The market expectation was that the stocks would decrease by 2 million 860 thousand barrels. Official oil stock data from the US Energy Information Administration (EIA) will be released today. The EIA expects oil prices to continue to decline if stocks increase. In technical terms, it is stated that in Brent oil, the range of $ 66.43 and $ 67.04 can be followed as the resistance zone and the range of $ 65.82 and $ 65.21 as the support zone.