Brent Oil Hovered Above $72 A Barrel

Brent oil hovered above $72 a barrel on September 1. Today in global markets, a barrel of Brent oil is priced at $72.07.

Brent oil, which went up to $ 73.52 yesterday, ended the day at $ 71.63. The barrel of Brent oil, which increased by 0.61 percent compared to the closing at 09:42 am today, is trading at $ 72.07. At the same time, West Texas Intermediate (WTI) crude oil was traded at $68.92 a barrel. According to the forecast of the American Petroleum Institute, the commercial crude oil stocks of the USA decreased by 4 million 45 thousand barrels last week compared to the previous week. The market expectation is that stocks will decrease by 2 million 833 thousand barrels. The drop forecast in question signaled an increase in the demand for oil in the USA, the world's largest oil consumer, and caused a rise in crude oil prices. Official oil stock data from the U.S. Energy Information Administration (EIA) will be released today. On the other hand, markets focused on the OPEC+ group meeting  which will take place today. At its meeting on July 18, the Group had decided to increase oil production by 400,000 barrels per month in the August-December period. Also, producers gradually started to operate after Hurricane Ida, which disrupted the US's oil and gas production in the Gulf of Mexico. On the other hand, the concern that the Delta variant may adversely affect the economic recovery and global oil demand in the coronavirus (Covid-19) epidemic continues to be perceived as a risk factor in the markets. In technical terms, it is stated that the range of $ 72.46 to $ 73.20 can be viewed as resistance and the range of $ 71.72 to $ 70.98 as support in Brent oil.