Brent Oil Is Trading Above $69 A Barrel

Brent oil is trading above $69 a barrel. Today in global markets, a barrel of Brent oil has is priced at $69.32.

Brent oil, which went up to $ 70 yesterday, closed the day at $ 69.03. The barrel of Brent oil, which increased by 0.42 percent compared to the closing at 09:23 am today, is trading at $ 69.32. At the same time, West Texas Intermediate (WTI) crude oil was traded at $66.61 a barrel. The expectation that the increasing coronavirus cases around the world will bring new measures and travel restrictions to the agenda is pushing prices down. The rise in the US dollar and the data signaling an economic contraction in China, one of the world's largest oil consumers, also put pressure on prices. The forecast of the American Petroleum Institute's weekly decline in the country's oil stocks, on the other hand, prevents the downward movement of prices with the perception that demand is not affected by the increasing number of cases around the world. According to the institute, US commercial crude oil stocks fell by 1 million 163 thousand barrels last week compared to the previous week. The market expectation was that stocks would decrease by 1 million 259 thousand barrels. On the other hand, the expectation that oil production in the USA will reach the highest level since May 2020 in September continues its negative impact on prices. The country's oil production will rise to 8.1 million barrels a day in September, according to data from the U.S. Energy Information Administration. Weekly oil stock data from the US Energy Information Administration (EIA) will be released today. In technical terms, it is stated that the range of $69.39 to $69.49 can be viewed as resistance and the range of $69.21 to $69.13 as support in Brent oil.