Brent Oil Hovered Above $ 69 A Barrel

Brent oil has hovered above $ 69 a barrel on March 15. Today, a barrel of Brent oil is traded at $ 69.73 in global markets.

The barrel of Brent oil, which reached the level of $ 69.90 on the last trading day of the last week, closed the day at $ 69.22. The barrel of Brent oil, which increased by 0.74 percent compared to the closing at 09:55 am today, traded at $ 69.73. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 66.13. In parallel with the acceleration of economic recovery in China, the world's largest oil importer, and the perception that the economic support package in the US will increase oil demand, oil prices have started to rise. According to the data of China's National Bureau of Statistics, daily refinery production increased by 15 percent in the January-February period compared to the same period last year, reaching 114.24 million tons. In the USA, the world's largest oil consumer, the acceptance of the $ 1.9 trillion economic support package to be implemented to reduce the effects of the coronavirus (Covid-19) epidemic on the economy has supported the increase in prices. On the other hand, the disruptions and uncertainties experienced in coronavirus vaccine studies put a barrier to the rise of prices to a certain extent. In addition, the increase in the value of the US dollar against other currencies limits the rise in dollar-indexed crude oil prices in the short term. In technical terms, it is stated that the range of 69.94 to 70.58 dollars can be followed as the resistance zone and the range of 69.30 to 68.66 dollars can be followed as the support zone in brent oil.