Brent Oil Hovered Above $72 a Barrel

Brent oil hovered above $72 a barrel on September 8. Today, in global markets, a barrel of Brent oil is priced at $72.13.

Brent oil, which went up to $ 72.81 yesterday, closed the day at $ 71.69. The barrel of Brent oil, which recorded an increase of 0.61 percent compared to the closing at 10:00 am today, is trading at $ 72.13. At the same time, West Texas type (WTI) crude oil was traded at $ 68.86 a barrel. The fact that the production, which was interrupted in the Gulf of Mexico after the hurricane Ida in the USA, the world's largest oil producer, could not reach its previous level, was the factor supporting the prices. The U.S. Department of the Interior's Security and Environmental Enforcement Administration reported that approximately 79 percent of oil production and 77 percent of natural gas production in the Gulf of Mexico are still closed. On the demand side, the increasing number of cases in the Covid-19 outbreak continues to overshadow the outlook, while the end of the summer season raises demand-side concerns. The concern that the Delta variant, which is increasing worldwide, may adversely affect the economic recovery and global oil demand, restrains the rise in prices. In technical terms, it is stated that the range of $72.20 to $72.61 can be viewed as resistance and the range of $71.79 to $71.38 as support in Brent oil.