Brent Oil Hovered Above $72 A Barrel

Brent oil hovered above $72 a barrel on August 4. Today, in the global markets, a barrel of Brent oil is priced at $72.44.

The barrel price of Brent oil, which went up to $ 73.55 yesterday, ended the day at $ 72.41. The barrel of Brent oil, which increased by 0.04 percent compared to the closing at 09:41 am today, is trading at $ 72.44. At the same time, West Texas Intermediate (WTI) crude oil was traded at $70.47 a barrel. According to the estimation of the American Petroleum Institute, US commercial crude oil inventories fell by 879 thousand barrels last week compared to the previous week. The market expectation was that inventories will decrease by 2 million 900 thousand barrels. Official oil stock data from the U.S. Energy Information Administration (EIA) will be released today. In addition to the lower-than-expected decline in the commercial crude oil stocks of the USA, the world's largest oil consumer, weaker-than-expected data in the USA and China indicate that the increase in the number of coronavirus (Covid-19) cases in many countries will adversely affect the global economic recovery and the growth in oil demand. continues to put pressure on prices, raising concerns about the According to the data released the previous day, the ISM manufacturing industry Purchasing Managers Index (PMI) fell from 60.6 to 59.5, below expectations. In China, the manufacturing industry PMI fell to 50.3. In addition to these, the geopolitical tension in the region caused by the allegations that the forces of the Iranian armed forces interfering with some foreign ships passing through the Persian Gulf and the Arabian Sea partially prevent the decline in oil prices. In technical terms, it is stated that the range of $72.56 to $73.01 can be viewed as resistance and the range of $72.11 to $71.66 as support in Brent oil.