Brent Oil Hovered Above $69 a Barrel

Brent oil hovered above $69 a barrel on August 10. Today, in global markets, a barrel of Brent oil is priced at $ 69.78.

The barrel of Brent oil, which went up to $ 70.26 yesterday, closed the day at $ 69.04. The barrel of Brent oil, which increased by 1.07 percent compared to the closing at 09:10 am today, is trading at $ 69.78. Meanwhile, West Texas Intermediate (WTI) crude oil was traded at $67.39 a barrel. Concerns that rising coronavirus (Covid-19) cases in the world's largest oil consumers, the USA and China, will reduce demand played a major role in oil prices. China's National Health Commission announced that 94 local cases of Covid-19 were registered in the last 24 hours. In the USA, the number of people who lost their lives due to Covid-19 increased by 111 in the last 24 hours to 616 thousand 830. In China, where new measures were brought to the agenda as a result of the increasing number of cases, 30 officials who were allegedly unsuccessful in the fight against the epidemic were punished. On the other hand, the estimate that the approximately $1 trillion infrastructure bill, which is expected to be voted in the US Senate today, will stimulate the economy and increase the demand for petroleum products, supported the upward movement in prices. The markets turned their eyes to the US crude oil stock forecast, which will be announced by the American Petroleum Institute today. In technical terms, it was stated that the range of $69.94 to $70.12 can be viewed as resistance and the range of $69.42 to $69.08 as support in Brent oil.