Brent Oil Hovered Above $74 a Barrel

Brent oil hovered above $74 a barrel on August 2. Today, a barrel of Brent oil is trading at $74.50 in global markets.

Barrel price of Brent oil, which went up to $ 76.38 on Friday, closed the day at $ 75.41. The barrel of Brent oil, which decreased by 1.21 percent compared to the closing at 09:30 today, is trading at $ 74.50. At the same time, West Texas Intermediate (WTI) crude oil was traded at $73.11 a barrel. In China, the world's second largest oil consumer, the manufacturing industry Purchasing Managers Index (PMI) fell to 50.3, failing to exceed expectations, according to data released today. The data that fell short of expectations put pressure on prices, raising concerns that the increase in the number of coronavirus (Covid-19) cases seen in many countries will negatively affect the global economic recovery and growth in oil demand. The fact that the OPEC+ group has increased its production by 400 thousand barrels per day since August also plays a major role in the decline in prices, creating concerns about excess supply in the markets. On the other hand, the prediction that the rise in vaccine rates, despite the increase in the number of cases worldwide, will limit the strict quarantine measures, travel restrictions and concerns about a new wave, sets a barrier to the downward movement in oil prices. In technical terms, it is stated that the range of 74.64 to 74.93 dollars can be viewed as resistance and the range of 74.35 to 74.06 dollars can be viewed as support in Brent oil.