Brent Oil Reached Above $ 63 A Barrel

Brent oil has reached above $ 63 a barrel on April 9. Today, a barrel of Brent oil is trading at $ 63.05 in global markets.

The barrel of Brent oil, which reached the level of $ 63.43 on Thursday, closed the day at $ 63.20. The barrel of Brent oil, which decreased by 0.24 percent compared to the closing at 09:46 am today, is trading at $ 63.05. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 59.54. Oil prices are mixed with the increase in the global oil supply and the depreciation of the US dollar against other currencies. Yesterday's decline in the US dollar index partially prevented the downward movement in dollar-indexed crude oil prices. On the other hand, the OPEC+ group's decision to gradually increase daily oil production for May, June and July, taken on April 1, continues to have an impact on prices, raising concerns over supply. Within the scope of the negotiations to revive the Iran nuclear deal, the concern that the oil supply will rise with the lifting of certain sanctions in Iran, which is exempt from the production cuts of the OPEC+ group, stands out as a factor that determines the prices to a significant extent. In addition, the stronger economic growth expectation created by the International Monetary Fund (IMF) revising its global growth forecast from 5.5 percent to 6 percent this year sets a barrier to the decrease in prices. In technical terms, it is stated that the range of 63.14 to 63.43 dollars can be followed as the resistance zone and the range of 62.85 to 62.56 dollars can be followed as the support zone in Brent oil.