Brent Oil Hovered Above $69 A Barrel On August 17

Brent oil hovered above $69 a barrel on August 17. Today, in global markets, a barrel of Brent oil is priced at $ 69.34.

Brent oil, which went up to $ 70.45 yesterday, closed the day at $ 69.51. The barrel of Brent oil, which decreased by 0.24 percent compared to the closing at 09:16 am today, is trading at $ 69.34. At the same time, a barrel of West Texas (WTI) crude oil was traded at $66.92. Despite the USA's call to increase oil production last week, the Organization of Petroleum Exporting Countries (OPEC)'s announcement that it will not increase production more than planned plays a role in the course of prices. OPEC+ announced at its 19th Ministerial Meeting held on July 18, that it was decided to increase oil production by 400 thousand barrels per day every month. The expectation that oil production in the USA will reach the highest level since May 2020 in September is putting pressure on prices. The country's oil production will rise to 8.1 million barrels a day in September, according to data from the U.S. Energy Information Administration. On the other hand, the OPEC+ group's announcement that it will not increase production more than the decision for a few months, at a time when the restrictions experienced by the increasing number of coronavirus (Covid-19) cases in Asian countries and the shrinking economic activities curtailed the oil demand, dispelling the concerns of oversupply in the markets and pushing prices up. In China, one of the world's largest oil consumers, the increasing number of cases and the negative economic data announced at the beginning of the week are pressing down on prices. In addition, the markets will follow the US crude oil stock data, which will be announced by the American Petroleum Institute today. In technical terms, it is stated that the range of $69.53 to $69.64 can be viewed as resistance, and the range of $69.36 to $69.30 as support in Brent oil.