Brent Oil Hovered Above $71 A Barrel
Brent oil hovered above $71 a barrel on June 10. Today in global markets, a barrel of brent oil is trading at $71.65.
Brent oil, which went up to $ 72.87 on Wednesday, closed the day at $ 72.22. The barrel of brent oil, which decreased by 0.8 percent compared to the closing at 09:06 am today, is trading at $ 71.65. At the same time, West Texas Intermediate (WTI) crude oil was traded at $69.52 a barrel.
Despite the expectation of an increase in fuel demand in the summer, the increase in gasoline stocks of the USA, the world’s largest oil consumer, created the perception that demand was low and suppressed prices. According to data from the US Energy Information Administration (EIA), US gasoline inventories were recorded at 241 million barrels last week, up 7 million barrels (3 percent) from the previous week.
Commercial crude oil stocks of the USA decreased by 5 million 200 thousand barrels (1.1 percent) last week to approximately 474 million barrels. The market expectation was that inventories would decrease by approximately 2 million 100 thousand barrels. However, the decrease in oil stocks did not affect the prices due to the increase in gasoline stocks.
On the other hand, the continuation of the effects of the coronavirus (Covid-19) epidemic, especially in India, causes expectations in economic activities to fail and suppression in prices.
It is stated that the range of 71.78 to 71.98 dollars can be viewed as resistance and the range of 71.58 to 71.38 dollars as support in Brent oil.