Brent Oil Hovered Above $ 66 A Barrel

Brent oil has hovered above $ 66 a barrel on May 20. Today, a barrel of Brent oil is trading at $ 66.78 in global markets.

The barrel of Brent oil, which reached up to $ 68.46 on Wednesday, closed the day at $ 66.66. Today at 09:56 am, it was 0.18% higher than the closing and traded at $ 66.78. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 63.53. Oil prices dropped by about 3 percent yesterday, with the increase in the number of new types of coronavirus (Covid-19) cases in Asian countries, especially in India, and the possible monetary policy normalization of the US Federal Reserve (FED), which will slow the rate of economic growth. Oil prices, which rose slightly after reaction purchases, started to remain mixed as a result of the increase in the commercial crude oil stocks of the USA, the world's largest oil consumer, below market expectations, and the decline in gasoline inventories. According to the data released by the US Energy Information Administration (EIA) yesterday, the country's commercial crude oil stocks increased by 1 million 300 thousand barrels last week compared to the previous week. The market expectation was that the stocks would increase by approximately 1 million 600 thousand barrels. Despite the relaxation of restrictions on the Covid-19 outbreak in the USA and European Union countries, concerns that oil demand will continue to remain low in Asian countries where new measures have been taken due to the increase in the number of cases and the failure of vaccination efforts to reach the expected pace are a factor that presses down prices. In technical terms, it is stated that in Brent oil, the range of $ 66.94 and $ 67.38 can be followed as the resistance zone, and the range of $ 66.50 and $ 66.06 can be followed as the support zone.