Brent Oil Hovered Above $70 A Barrel

Brent oil hovered above $70 a barrel June 1. Today, in global markets, a barrel of brent oil is trading at $70.48.

Barrel of Brent oil , which went up to $ 71.32 on Tuesday, closed the day at $ 70.25. The barrel of brent oil, which increased by 0.33 percent compared to the closing at 09:34 am today, is trading at $ 70.48. At the same time, a barrel of West Texas type (WTI) crude oil was traded at $67.87. The fact that the OPEC+ group pointed to a strong recovery in demand and that it did not change its production policy played a role in the increase in oil prices. OPEC+ group, at its 17th Ministerial Meeting held yesterday, decided to continue its plan to gradually ease the daily production cuts due to the positive expectations for oil demand. Deciding to increase daily oil production gradually for the months of May, June and July at its meeting on April 1, Iran, one of the member countries, did not change its production policy by pointing to the strong demand outlook despite the expected increase in oil production, which supported the rise in prices. The full implementation of the Iran Nuclear Agreement, called the Joint Comprehensive Plan of Action, in Vienna, the capital of Austria, and the negotiation process for the return of the US sanctions to the agreement strengthens the possibility that an agreement between the parties may be very close in the markets. With the lifting of the sanctions, Iran's announcement that it will officially resume oil exports raises concerns about excess supply in the market, which has a demand problem. On the other hand, the ongoing economic recovery, especially in the USA and China, the world's largest oil consumers, and the positive impact of the expected increase in travel in the summer period on the demand outlook play a role in the rise in prices. In technical terms, it is stated that the range of $ 70.74 to $ 71.10 can be viewed as resistance and the range of $ 70.38 to 70.02 stands out as support in Brent oil.