Brent Oil Hovered Above $75 a Barrel on June 28

Brent oil hovered above $75 a barrel on June 28. Today in global markets, a barrel of Brent oil is trading at $75.34.

The barrel of Brent oil, which went up to $ 76.21 on the last trading day of last week, closed the day at $ 75.38. The barrel of brent oil, which decreased by 0.05 percent compared to the closing at 09.32 am today, is trading at $ 75.34. At the same time, a barrel of West Texas type (WTI) crude oil was traded at $74.11. In the partial decrease in oil prices, the expectation that the OPEC+ group may increase production above the market forecasts at the meeting to be held on July 1 and the concern that coronavirus (Covid-19) variants may cause a new wave played a role. At the meeting, where the OPEC+ group will discuss the amount of cuts to be applied from August, it is anticipated that an agreement will be reached on the continuation of production increase due to the recovery in oil demand and prices of OPEC countries. Experts share the view that despite the fragility in global oil demand, the OPEC+ group will increase production to meet the supply needs of the market. At its meeting on June 1, the group decided to gradually increase daily oil production until the end of July. On the other hand, the acceleration of vaccination efforts with the recovery in the global economy and demand continues to support the gradual increase in oil prices. The fact that the full implementation of the Iran Nuclear Agreement, which is called the Joint Comprehensive Action Plan, which has been going on for about 3 months in Vienna, the capital of Austria, and the negotiations on the return of the USA to the agreement are not clarified, strengthen the thought that Iranian oil cannot be offered to the markets in the short term, and the upward trend of prices supports. In technical terms, it is stated that the range of $75.67 to $76.33 can be viewed as resistance, and the range of $75.01 to $74.35 as support in Brent oil.