Brent Oil Is Trading Above $ 68 A Barrel

Brent oil is trading above $ 68 a barrel on May 17. Today, a barrel of Brent oil is valued at $ 68.52 in global markets.

The barrel of Brent oil, which reached the level of $ 68.89 on Friday, closed the day at $ 68.71. The barrel of Brent oil, which decreased by 0.28 percent compared to the closing at 09:38 am today, is trading at $ 68.52. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 65.27. The increase in coronavirus (Covid-19) cases, especially India, the world's third largest oil importer in Asia, and the thoughts that the restrictions applied in this context will adversely affect oil demand played a role in the decrease in oil prices. Hokkaido, Okayama and Hiroshima states, where Covid-19 cases increased in Japan, were included in the state of emergency. Thus, the scope of the state of emergency was expanded across the country to 9 states. Within the scope of the state of emergency that will continue until May 31 in all regions, restaurants and bars are allowed to remain open until 8 pm, while alcohol sales are not allowed. The fact that the re-engagement of the Colonial Pipeline, which was a victim of a cyberattack in the US, alleviates supply-related concerns, continues to affect prices. The operations of the Colonial Pipeline, which carried gasoline and other fuels from Houston to New York Port, were temporarily suspended on May 7 due to a cyber attack. With the approximately 9,000-kilometer pipeline coming into operation on Thursday, fuel supply is gradually provided to stations with supply problems. In technical terms, it is stated that in Brent oil, the range of $ 69.05 and $ 69.58 can be followed as a resistance zone, and the range of $ 68.52 and $ 67.99 can be followed as a support zone.