Brent Oil Hovered Above $ 68 A Barrel

Brent oil has hovered above $ 68 a barrel on March 9. Today, a barrel of Brent oil is traded at $ 68.38 in global markets.

The barrel price of Brent oil, which saw $ 71.38 on the first trading day of the week, closed the day at $ 68.24. The barrel of Brent oil, which increased by 0.23 percent compared to the closing at 09:43 am today, traded at $ 68.38. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 65.05. The perception that the global economic recovery will accelerate, with the Senate's approval of the $ 1.9 trillion support package in the USA, the world's largest oil consumer, was instrumental in the rise in prices. Making a statement on the subject yesterday, US Treasury Secretary Janet Yellen stated that the support package will provide enough resources for the revival of the country's economy and will help return to full employment next year. In addition, the prediction that the USA's commercial crude oil stocks decreased last week strengthened the perception that the demand in the country was increasing and supported the rise in prices. The stock data of the American Petroleum Institute will be released today, and the official stock data of the US Energy Information Administration will be released tomorrow. In addition, the decision of the OPEC+ group to continue the current production cut in April continues to support the rise in prices. However, on the other hand, the increase in the value of the US dollar against other currencies prevents the increase in crude oil prices linked to the US dollar to a certain extent. In technical terms, it is stated that in Brent oil, the range of $ 69.17 and $ 70.09 can be followed as the resistance zone and the range of $ 68.25 and $ 67.33 as the support zone.