Brent Oil Hovered Above $71 A Barrel

Brent oil hovered above $71 a barrel. Today in global markets, a barrel of brent oil has found buyers at $71.35.

The barrel of Brent oil, which went up to $ 71.99 yesterday, finished the day at $ 71.31. The barrel of brent oil, which showed an increase of 0.06 percent compared to the closing at 09:20 am today, is trading at $ 71.35. At the same time, a barrel of West Texas type (WTI) crude oil was traded at $68.89. Although oil prices started to increase with the economic recovery and the positive reflection of travel on demand, partial decreases can be seen due to the high number of coronavirus (Covid-19) cases in some countries, especially India, the world's third largest oil importer, and the negative impact of the measures taken for this reason. While the predictions in the markets that global oil demand will exceed oil supply in the second half of the year are getting stronger, it is estimated that the increase in demand in Europe, especially in the UK, where the Covid-19 restrictions have been lifted, as well as the world's two largest oil consumers, the USA and China. In addition to the high numbers of cases and deaths in India and Brazil, the slow progress of vaccination studies in many countries adversely affects the demand outlook and pressures prices downwards. According to the official oil stock data released by the US Energy Information Administration yesterday, the US commercial crude oil stocks decreased by approximately 5 million 100 thousand barrels compared to the previous week, above the expectations. The market expectation was that stocks would decrease by 2 million 114 thousand barrels. An increase of 1 million 500 thousand barrels was observed in the country's gasoline stocks. In technical terms, it was stated that the range of 71.49 to 71.85 dollars can be viewed as resistance and the range of 71.13 to 70.77 dollars as support in Brent oil.