Brent Oil Reached Above $ 64 A Barrel

Brent oil reached above $ 64 a barrel on April 14. Today, a barrel of Brent oil is trading at $ 64.50 in global markets.

The barrel of Brent oil, which reached the level of $ 64.16 on Tuesday, closed the day at $ 63.37. The barrel of Brent oil, which increased by 1.30 percent compared to the closing at 09:20 am today, is trading at $ 64.50. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 61. In the increase in oil prices, the prediction that the world's largest oil consumer, the United States, has a decline in its commercial crude oil stocks, has played a role in strengthening the perception that demand has increased. According to the estimation of the American Petroleum Institute, the commercial crude oil stocks of the USA decreased more than expected by 3 million 608 thousand barrels last week compared to the previous week. The market expectation was that the stocks would decrease by 2 million 154 thousand barrels. Official oil stock data from the US Energy Information Administration (EIA) will be released today. Oil prices are expected to continue rising if the EIA signals a drop in stocks. In addition, the fall in the value of the US dollar against other currencies also supports the rise in dollar-indexed crude oil prices in the short term. The Organization of Petroleum Exporting Countries (OPEC), in its report published yesterday, raised its forecast for global oil demand and shared its forecast that the demand will reach 96 million 500 thousand barrels this year, with an increase of approximately 6 million barrels on a daily basis compared to last year. This forecast supported the rise in prices by strengthening the expectations for an increase in demand. On the other hand, despite the positive atmosphere in oil demand, the new type of coronavirus (Covid-19) epidemic and concerns about the increasing oil supply in the USA and Iran are limiting the rise of prices. In technical terms, it is stated that in Brent oil, the range of $ 64.60 and $ 65.16 can be followed as a resistance zone, and the range of $ 64.04 and $ 63.48 can be followed as a support zone.