Brent Oil Hovered Above $ 68 A Barrel

Brent oil has hovered above $ 68 a barrel on May 12. Today, a barrel of Brent oil is trading at $ 68.59 in global markets.

The barrel of Brent oil, which reached the level of $ 68.89 on Tuesday, closed the day at $ 68.55. The barrel of Brent oil, which increased by 0.05 percent compared to the closing at 08:53 am today, is trading at $ 68.59. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 65.35. The increase in oil prices played a role in the fact that the forecast of the decline in commercial crude oil stocks of the USA, the world's largest oil consumer, strengthened the notions that the demand in the country was increasing. According to the estimates of the American Petroleum Institute (API), there will be a decrease in the commercial crude oil stocks of the USA last week compared to the previous week, exceeding expectations with 2 million 533 thousand barrels. The market expectation was that the stocks would decrease by 2 million 250 thousand barrels. Official oil stock data of the US Energy Information Administration (EIA) will be released today. Oil prices are expected to continue their increase if the EIA signals a drop in stocks. In addition, the fact that the Organization of Petroleum Exporting Countries (OPEC) predicted a strong recovery in oil demand in the second half of the year in the oil market report published on Tuesday, supported the increase in prices. On the other hand, it was stated that after the temporary closure of one of the largest oil pipelines in the USA, which was attacked by cyberattacks, there was a problem in accessing gasoline, especially in the southeastern states. The Colonial Pipeline pipeline, which carries more than 100 million gallons of gasoline and other fuels daily from Houston to the Port of New York, was temporarily suspended five days ago due to a cyberattack. In technical terms, it was stated that in Brent oil, the range of $ 68.15 and $ 68.70 could be followed as the resistance zone and the range of $ 67.99 and $ 67.73 as the support zone.