Brent Oil Reached Above $71 A Barrel

Brent oil reached above $71 a barrel on August 26. Today, in global markets, a barrel of Brent oil is priced at $71.06.

Brent oil, which went up to $ 72.42 yesterday, closed the day at $ 71.28. The barrel of Brent oil, which recorded a decrease of 0.31 percent compared to the closing at 09:35 am today, is trading at $ 71.06. At the same time, West Texas Intermediate (WTI) crude oil was traded at $68.05 a barrel. The emergence of new measures and travel restrictions due to the rapid spread of the delta variant of the coronavirus (Covid-19) around the world raises concerns that it will negatively affect the global economic recovery and growth in oil demand. This situation continues to put pressure on prices. According to data from the US Energy Information Administration, fuel stocks in the country increased by more than 600 thousand barrels last week compared to the previous week. Concerns that demand would decline with the said increase was another factor that put pressure on prices. Commercial crude oil stocks in the country decreased by about 3 million barrels last week compared to the previous week. The market expectation was that inventories would decrease by 2 million 367 thousand barrels. The decrease in stocks more than expected limits the downward movement of prices. In technical terms, it is stated that the range of 71.16 to 71.48 dollars can be viewed as resistance and the range of 70.84 to 70.52 dollars as support in Brent oil.