Brent Oil Reached Above $72 a Barrel

Brent oil reached above $72 a barrel on August 31. Today, a barrel of Brent oil is priced at $72.25 in global markets.

Brent oil, which went up to $ 73.69 yesterday, finished the day at $ 72.23. The barrel of Brent oil, which increased by 0.03 percent compared to the closing at 09:24 am today, is trading at $ 72.25. At the same time, West Texas Intermediate (WTI) crude oil was traded at $69.23 a barrel. The markets turned their eyes to the possibility of an increase in production that the OPEC group will implement in September, in line with its previous decision, and to the meeting where the group will meet tomorrow. At its meeting on July 18, the Group had decided to increase oil production by 400,000 barrels per month in the August-December period. The meeting of the OPEC group, which will be held tomorrow, is not expected to change the oil production policy. Also, US crude oil production in the Gulf of Mexico started to slowly recover after the hurricane swept the region over the weekend. While crude oil producers in the region are expected to resume service gradually, it is said that it will take longer for local refineries to return. On the other hand, the concern that the Delta variant may adversely affect the economic recovery and global oil demand in the coronavirus (Covid-19) epidemic continues to be a risk factor in the markets. In technical terms, analysts state that the range of $72.30 to $72.54 can be viewed as resistance, and the range of $72.06 to $71.82 as support in Brent oil.