Brent Oil Hovered Above $ 69 A Barrel

Brent oil has hovered above $ 69 a barrel on May 6. Today, a barrel of Brent oil is trading at $ 69.08 in global markets.

The barrel of Brent oil, which reached the level of $ 69.94 on Wednesday, closed the day at $ 68.96. The barrel of Brent oil, which increased by 0.17 percent compared to the closing at 09:49 am today, is trading at $ 69.08. At the same time, the barrel of West Texas type (WTI) crude oil traded at $ 65.68. The increase in oil prices was driven by the increase in optimism about the demand in the country due to the large decline in the commercial crude oil stocks of the USA, the world's largest oil consumer. According to the stock data released by the US Energy Information Administration yesterday, with the increase in refinery production and exports, the commercial crude oil stocks of the USA decreased by 8 million barrels last week compared to the previous week. The market expectation was that the stocks would decrease by 2 million 191 thousand barrels. In addition, the decisions to relax the restrictions against the coronavirus (Covid-19) epidemic in the USA and some European countries strengthened the perception that there will be an increase in the demand for oil from transportation in the coming summer season and supported the increase in prices. However, the thought that the increase in Covid-19 cases seen in some countries, especially India, the world's third largest oil consumer, will adversely affect oil demand, suppressing prices. In technical terms, it is stated that in Brent oil, the range of $ 69.30 and $ 70.02 can be followed as the resistance zone and the range of $ 68.58 and $ 67.86 as the support zone.