Brent Oil Hovered Above $73 a Barrel

Brent oil hovered above $73 a barrel on July 15. Today in global markets, a barrel of brent oil is trading at $ 73.93.

The barrel of Brent oil, which went up to $ 76.72 yesterday, closed the day at $ 74.96. The barrel of Brent oil, which recorded a decrease of 0.83 percent compared to the closing at 10:00 am today, is trading at $ 73.93. At the same time, West Texas Intermediate (WTI) crude oil was traded at $72.20 a barrel. In addition to the increase in US gasoline stocks, the OPEC+ group's estimations that the production policy to be implemented as of August will decide to increase the supply played a role in the decline in oil prices. Experts said that since the cancellation of the meeting, there have been sudden increases and decreases in oil prices, and the continued uncertainty on the supply side also points to a rapid contraction in the market where demand is high. The decrease in crude oil imports of China, the world's largest oil importer, by 3 percent in the first half of the year compared to the same period of the previous year also affected the decrease in prices. On the other hand, the US Energy Information Administration announced that the commercial crude oil stocks in the country decreased by 7 million 900 thousand barrels last week to approximately 437 million 600 thousand barrels. The market expectation was that stocks would decrease by 4 million 300 thousand barrels. In technical terms, it was stated that the range of 74.16 to 74.65 dollars can be viewed as resistance and the range of 73.67 to 73.18 dollars as support in Brent oil.