Brent Oil Hovered Above $71 A Barrel

Brent oil hovered above $71 a barrel on August 27. Today, in the global markets, Brent oil is priced at $ 71.28 a barrel.

The barrel of Brent oil, which went up to $ 70.22 yesterday, closed the day at $ 70.18. The barrel of Brent oil, which recorded an increase of 1.56 percent compared to the closing at 10:10 am today, is trading at $ 71.28. At the same time, West Texas Intermediate (WTI) crude oil was traded at $68.64 a barrel. Oil prices, which depreciated by about 9 percent last week, have gained about 9 percent since the beginning of the week. In this increase, which was recorded as the fastest increase since February, the fact that the cases caused by the delta variant of the coronavirus (Covid-19) in China, one of the world's largest oil consumers, were largely under control and the expectations that the oil demand, which had been falling in the last two months, will recover again played a major role. Oil prices were also supported by the interruption of production on the offshore oil platforms due to the tropical storm Ida, which is expected to approach the Gulf of Mexico. Companies operating in the region, such as BP, Shell, Chevron, and BHP, have begun airlifting workers from oil production platforms. In addition, the markets paid attention to the possible effects of the US Federal Reserve's (FED) Chairman Jerome Powell's speech at the Jackson Hole Economic Policy Symposium today on the dollar index. In technical terms, it was stated that the range of $71.50 to $71.83 can be viewed as resistance and the range of $70.86 to $70.53 as support in Brent oil.