Brent Oil Reached Above $71 A Barrel

Brent oil reached above $71 a barrel on June 3. Today in global markets, a barrel of brent oil is trading at $71.75.

Barrel of Brent oil, which went up to $ 71.48 on Wednesday, closed the day at $ 71.35. The barrel of brent oil, which increased by 0.56 percent compared to the closing at 09:30 am today, is trading at $ 71.75. At the same time, a barrel of West Texas type (WTI) crude oil was traded at $69.18. The economic recovery and the expected increase in travel during the summer period had a positive impact on the demand outlook. While forecasts that global oil demand will exceed oil supply in the second half of the year are strengthened, it is thought that the increase in demand in Europe, especially in the UK, where the coronavirus (Covid-19) restrictions have been lifted, as well as the USA and China, the world's two largest oil consumers, will be effective in this forecast. The estimation of the decline in the commercial crude oil stocks of the USA strengthened the perception that the demand in the country was increasing, which also supported the rise in prices. According to the estimation of the American Petroleum Institute, US commercial crude oil stocks decreased by 5 million 360 thousand barrels last week compared to the previous week. The market expectation was that stocks would decrease by 2 million 114 thousand barrels. Official oil stock data from the US Energy Information Administration (EIA) will be released today. Oil prices are expected to continue to rise if the EIA points to a decline in inventories. In technical terms, it is stated that the range of $72.07 to $72.58 can be viewed as resistance and the range of $71.56 to $71.05 as support in Brent oil.