Brent Oil Hovered Above $72 a Barrel

Brent oil hovered above $72 a barrel on July 19. Today in global markets, a barrel of Brent oil is trading at $ 72.62.

The barrel price of Brent oil, which fell to $ 72.35 on Friday, closed the day at $ 73.59. The barrel of Brent oil, which decreased by 1.31 percent compared to the closing at 10.13 am today, is trading at $ 72.62. At the same time, a barrel of West Texas (WTI) crude oil was traded at $70.53. Concerns that the increase in the number of cases, especially due to the delta variant, in the coronavirus (Covid-19) epidemic would adversely affect the demand outlook, and the increasing concerns over supply after the OPEC+ group's decision to increase production as of August played a major role in the decline in oil prices. On the other hand, the OPEC+ group decided to increase oil production by 400 thousand barrels per day for each month in the August-December period. In the statement made by OPEC, it was stated that it was decided to increase oil production by 400 thousand barrels per month in the August-December period, and the duration of the agreement reached at the 10th Ministerial Meeting was extended from April 2022 to 31 December 2022. In the previous meeting, the sub-levels of production, which caused disagreements among the group members, were also resolved. After May 2022, it was decided that Iraq, Kuwait, Saudi Arabia, the United Arab Emirates and Russia would increase their production base levels. In technical terms, it was stated that the range of $73.27 to $73.71 can be viewed as resistance and the range of $72.37 to $71.91 as support in Brent oil.