Brent Oil Hovered Above $72 a Barrel on September 10

Brent oil hovered above $72 a barrel on September 10. Today, in global markets, a barrel of Brent oil is priced at $72.10.

Brent oil, which went up to $ 70.96 yesterday, closed the day at $ 71.45. The barrel of brent oil, which increased by 0.90 percent compared to the closing at 09:57 am today, is trading at $ 72.10. At the same time, West Texas Intermediate (WTI) crude oil was traded at $68.70 a barrel. The perception that the growth in demand will exceed the supply, despite the increase in coronavirus (Covid-19) cases, played a role in the rise in prices. The US Energy Information Administration announced that gasoline stocks in the country decreased by 7 million 200 thousand barrels last week. Commercial crude oil stocks, on the other hand, decreased by 1 million 500 thousand barrels, falling below expectations. The market expectation was that inventories would decrease by 3 million 900 thousand barrels. China's announcement that it will sell to the market from its strategic oil reserves, eroded the expectations of investors and limited the increase in prices. China's State Reserves Administration announced yesterday that it will launch crude oil reserves through public auction to ease the pressure on local refineries from high raw material costs. In technical terms, it was stated that the range of $72.24 to $72.63 can be viewed as resistance and the range of $71.21 to $70.57 as support in Brent oil.