Brent Oil Reached Above $72 a Barrel

Brent oil reached above $72 a barrel on September 7. Today in global markets, a barrel of Brent oil is priced at $72.55.

Brent oil, which went up to $ 72.78 yesterday, closed the day at $ 72.22. The barrel of brent oil, which increased by 0.46 percent compared to the closing at 09:59 am today, is trading at $ 72.55. At the same time, a barrel of West Texas (WTI) crude oil was traded at $69.17. Concerns about demand rose in the markets after one of the world's largest oil producers, Saudi Arabia, announced on Sunday that it would cut oil prices by at least $1 per barrel for Asian customers in October. While many Asian countries made restriction decisions within the scope of combating the Delta variant of the coronavirus (Covid-19), the aforementioned price reduction strengthened the perception that economic activity and demand weakened in the world's most oil-imported region. However, the fact that investors started to buy in order to take advantage of the relatively low oil prices brings some increase in prices. On the other hand, the increase in crude oil imports from China, the world's largest oil importer, alleviated the concerns about demand and contributed to the rise in prices. According to the data released today, the country's daily crude oil imports increased by 8 percent in August compared to the previous month. In technical terms, it was stated that the range of $ 72.62 to $ 72.72 can be viewed as resistance and the range of $ 72.52 to $ 72.42 as support in Brent oil.