Brent Oil Hovered Above $75 A Barrel

Brent oil hovered above $75 a barrel on June 23. Today, a barrel of Brent oil is trading at $75.42 in global markets.

Brent oil, which went up to $ 75.30 on Tuesday, found buyers at $ 74.81 a barrel. The barrel of Brent oil, which increased by 0.82 percent compared to the closing at 09.32 am today, is trading at $ 75.42. At the same time, West Texas Intermediate (WTI) crude oil was traded at $73.33 a barrel. The estimation of the decline in the commercial crude oil stocks of the USA strengthened the perception that the demand in the country was on the rise, which played a role in the rise in prices. According to the estimation of the American Petroleum Institute, US commercial crude oil stocks fell by 7 million 199 thousand barrels last week compared to the previous week, above the expectations. The market expectation was that stocks would decrease by 3 million 625 thousand barrels. Official oil stock data from the U.S. Energy Information Administration (EIA) will be released today. If the EIA declares a decrease in inventories, oil prices are expected to continue to rise. On the other hand, the markets await the decision of the OPEC+ group on the post-July production policy, which will meet next week. At its meeting on April 1, the group decided to gradually increase daily oil production for the months of May, June and July. At the meeting of the OPEC+ group to be held on July 1, production is expected to continue to increase due to the recovery in oil demand and prices. In technical terms, it is stated that the range of $75.53 to $75.95 can be viewed as resistance and the range of $75.11 to $74.69 as support in Brent oil.