Brent Oil Hovered Above $74 A Barrel on July 9

Brent oil hovered above $74 a barrel on July 9. Today, in global markets, a barrel of Brent oil is trading at $74.35.

The barrel of Brent oil, which fell to $ 73.59 yesterday, closed the day at $ 74.12. The barrel of Brent oil, which increased by 0,31 percent compared to the closing at 09:24 am today, is trading at $ 74.35. At the same time, West Texas Intermediate (WTI) crude oil was traded at $73.23 a barrel. Oil prices soared as commercial crude stocks of the United States, the world's largest oil consumer, declined. According to the US Energy Information Administration (EIA), US commercial crude oil stocks decreased by 6 million 900 thousand barrels last week compared to the previous week. The market expectation was that stocks would decrease by 3 million 900 thousand barrels. On the other hand, the cancellation of the meeting where the OPEC+ group will determine the production policy continues to have an impact on prices. Experts state that the continuation of production cuts in an environment where there are signs of recovery in demand will indicate a deficit market and this situation will reflect positively on prices. In technical terms, it is stated that the range of $74.78 to $75.01 can be viewed as resistance and the range of $73.65 to $73.42 as support in Brent oil.