Brent Oil Hovered Above $69 A Barrel

Brent oil hovered above $69 a barrel on May 31. Today in global markets, a barrel of brent oil is trading at $ 69.20.

The barrel of Brent oil, which went up to $ 69.92 on the last trading day of last week, closed the day at $ 68.72. The barrel of brent oil, which increased by 0.70 percent compared to the closing at 09:29 am today, is trading at $ 69.20. At the same time, a barrel of West Texas type (WTI) crude oil was traded at $66.84. Oil prices started to rise with the perception that the ongoing economic recovery in the USA, China and Europe and the expected increase in travel during the summer period will reflect on oil demand. The negotiation process for the full implementation of the Iran nuclear agreement, called the Joint Comprehensive Plan of Action, and the return to the agreement by lifting the US sanctions in Vienna, the capital of Austria, strengthens the predictions in the markets that an agreement between the parties may be very close. With the lifting of the sanctions, Iran's official resumption of oil exports raises the concerns of oversupply in the market. On the other hand, despite the possibility of a return of Iranian oil, the strong outlook in demand eliminated supply-related concerns and played a role in the rise in prices. Markets turned their attention to the meeting that the OPEC group that will take place tomorrow on post-July production policy. At its meeting on April 1, the group decided to gradually increase daily oil production for the months of May, June and July. At the meeting to be held tomorrow by the OPEC group, it is not expected that the oil production policy will change until the end of July. In technical terms, it is stated that the range of $ 69.23 and $ 69.64 can be followed as a resistance zone and the range of $ 68.82 and $ 68.41 can be followed as a support zone in Brent oil.