Brent Oil Reached Above $69 A Barrel

Brent oil reached above $69 a barrel on May 28. Today, a barrel of Brent oil is trading at $ 69.13 in global markets.

The barrel of  Brent oil, which went up to $ 69.51 on Thursday, closed the day at $ 69.20. The barrel of Brent oil, which decreased by 0.10 percent compared to the closing at 09:59 am today, is trading at $ 69.13. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 66.88. Oil prices rose due to the optimism of economic recovery with the data announced in the USA, the world's largest oil consumer, and the increase in travel expectations in the upcoming summer period. On the other hand, oil prices are moving mixed with the possibility of resumption of Iranian oil supply and suppression of demand concerns from the coronavirus (Covid-19) outbreak in the Asian region. The focus of the market is on the ongoing negotiations in Vienna, the capital of Austria, where the full implementation of the Iran nuclear agreement, called the Joint Comprehensive Action Plan, and the return to the agreement by lifting US sanctions are evaluated. While the negotiation process strengthens the predictions that an agreement between the parties may be very close in the markets, this situation brings partial decreases in oil prices in the short term. In technical terms, it is stated that the range of $ 69.31 and $ 69.54 can be followed as a resistance zone and the range of $ 69.08 and $ 68.85 can be followed as the support zone in Brent oil.