Brent Oil Reached A Years High

Brent oil reached a years high. Today, a barrel of Brent oil is being traded at $ 57.84 in global markets.

The barrel price of Brent oil, which reached the level of $ 58.05 on Tuesday, closed the day at $ 57.46. The barrel of Brent oil, which increased by 0.66 percent compared to the closing at 10:22 am today, traded at $ 57.84. At the same time, West Texas type (WTI) crude oil traded at $ 55.06 a barrel. With these levels, the barrel of Brent oil has almost reached the highest level in the last 1 year. Brent oil barrel was last traded at $ 58.50 on February 21, 2020. The decline in the commercial crude oil stocks of the USA created the perception that demand would increase and played a role in the rise in oil prices. According to the estimation released yesterday by the American Petroleum Institute, the country's commercial crude oil stocks decreased by about 4.3 million barrels last week compared to the previous week. The market expectation was that the stocks would increase by approximately 367 thousand barrels. Official oil stock data of the US Energy Information Administration will be announced today. In addition, the perception that the OPEC + group, which consists of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, are fully compliant with the total 7.2 million barrels per day cut for January, supports the global oil market. Speaking to Anadolu Agency (AA), Political Risk and Oil Analyst Jose Chalhoub stated that Saudi Arabia's additional 1 million barrel cuts and OPEC's 4 percent recovery expectation have not yet had a clear impact on the global economic outlook. Chalhoub used the following statements: “Following the new record highs we've seen in Brent oil and WTI, it will be interesting to watch how the heavyweights within the OPEC+ group will adjust their market share interests positively in the coming months.” In technical terms, it was stated that the range of $ 57.88 and $ 58.26 could be followed as the resistance zone and the support zone is between $ 57.50 and $ 57.12 for Brent oil.