Brent Oil Reached Above $71 A Barrel

Brent oil reached above $71 a barrel on August 12. Today, a barrel of Brent oil is priced at $71.25 in global markets.

The barrel of Brent oil, which went up to $ 71.72 yesterday, closed the day at $ 71.44. The barrel of Brent oil, which decreased by 0.26% compared to the closing at 09:52 am today, is trading at $ 71.25. At the same time, West Texas Intermediate (WTI) crude oil was traded at $69.03 a barrel. The decline in commercial crude oil inventories of the USA, which was more than expected, supported prices upwards with the perception of recovery in demand. According to data from the US Energy Information Administration (EIA), commercial crude oil stocks in the country decreased by 400 thousand barrels (0.1 percent) last week to approximately 438 million 800 thousand barrels. The market expectation was that stocks would decrease by 1 million 50 thousand barrels. In the aforementioned period, US gasoline stocks were recorded as 227 million 500 thousand barrels with a decrease of 1 million 400 thousand barrels (0.6 percent). US National Security Advisor Jake Sullivan's call for the OPEC+ group to increase oil production raises concerns over supply in the markets, pushing prices down. OPEC+ announced at its 19th Ministerial Meeting held on July 18, that it was decided to increase oil production by 400 thousand barrels per day every month. The $1 trillion infrastructure package, approved by the US Senate on Tuesday, is supporting prices upwards in anticipation of expanding transportation systems and increasing construction projects. The negative atmosphere that has developed with the increase in the number of coronavirus (Covid-19) cases continues to affect oil prices. In technical terms, it is stated that the range of 71.52 to 71.62 dollars can be viewed as resistance and the range of 71.35 to 71.28 dollars as support in Brent oil.