Brent Oil Is Above $ 65 A Barrel

Brent oil is above $ 65 a barrel on March 1. In the global markets today, brent oil is traded at $ 65.41 a barrel.

The barrel price of Brent oil, which reached the level of $ 66.90 on the last trading day of the last week, closed the day at $ 64.42. The barrel of Brent oil, which increased by 1.54 percent compared to its closing at 09:33 am today, traded at $ 65.41. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 62.45. The approval of the House of Representatives of the support package planned to be implemented to reduce the economic effects of the new type of coronavirus (Covid-19) epidemic in the USA was reflected as a rise in oil prices. The $ 1.9 trillion economic support package proposed by US President Joe Biden against the coronavirus epidemic was approved in the House of Representatives. While the economic support package containing cash aid checks of $ 1400 per person is sent to the Senate, it will be put in front of Biden if it is accepted here. On the other hand, the US Food and Drug Administration (FDA) announced yesterday that it has approved the emergency use of the vaccine developed by the Johnson&Johnson company against coronavirus. Thus, the Jonhson&Johnson vaccine became the third vaccine approved for emergency use in the US, after Pfizer/BioNTech and Moderna. The point reached in the vaccine studies has increased the hopes for an economic recovery and has been effective in the rise in prices.  

Eyes Turned to the OPEC Meeting

The OPEC+ group, consisting of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, will meet on March 4 to determine the amount of cuts to be applied from April. The rise in oil prices supported the perception that this meeting will decide to ease the cuts. Speaking to Anadolu Agency (AA), Political Risk and Oil Analyst Jose Chalhoub said the following regarding the meeting: "The Saudis are calling for caution against rising oil prices in an environment where the recovery in demand is rather slow. In general, global stocks continue to decline, according to the latest figures and statistics, demand is still far from pre-epidemic levels, but the market is stabilizing in terms of supply and demand. It is certainly possible for the OPEC+ group to make a decision to mitigate the current cuts. " In technical terms, it was stated that the range of $ 65.54 and $ 65.85 could be followed as the resistance zone and the range of $ 65.23 and $ 64.92 as the support zone in Brent oil.