Brent Oil Hovered Around $70 A Barrel

Brent oil hovered around $70 a barrel on August 11. Today, Brent oil is pricedat $70.67 a barrel in global markets.

The barrel of Brent oil, which went up to $ 71.24 yesterday, closed the day at $ 70.63. Brent oil, which increased by 0.05 percent compared to the closing at 09:05 am today, is trading at $ 70.67 a barrel. Meanwhile, West Texas Intermediate (WTI) crude oil was traded at $68.25 a barrel. Due to the rising number of coronavirus cases in China, one of the world's largest oil consumers, the restoration of restrictions in the country has a negative effect on oil prices. According to the forecast of the American Petroleum Institute, the commercial crude oil stocks of the USA will decrease by 816,000 barrels last week compared to the previous week. The market expectation was that stocks would decrease by 1 million 50 thousand barrels. The expectation of a decrease in inventories creates the perception that demand is recovering and supports prices upwards. Weekly oil stock data from the US Energy Information Administration (EIA) will be released today. On the other hand, according to the "August 2021 Short-Term Energy Outlook Report" of the EIA, global oil demand increased by 5.3 million barrels this year compared to last year, reaching an average of 97 million 600 thousand barrels per day, and 101 million 200 thousand barrels in 2022. will be. In the report, it was announced that the oil price forecast for this year was also revised downwards. Accordingly, the average barrel price of Brent crude oil for this year was estimated to be 68.71 dollars. In the July report, this figure was $68.78. In technical terms, it is stated that the range of $ 70.76 to $ 70.86 can be viewed as resistance and the range of $ 70.51 to 70.36 as support in Brent oil.