Brent Oil Reached Above $72 A Barrel Once Again

Brent oil reached above $72 a barrel once again on June 11. Today in global markets, a barrel of brent oil is trading at $72.33.

Barrel of Brent oil, which went up to $ 72.93 on Thursday, finished the day at $ 72.52. The barrel of brent oil, which decreased by 0.3 percent compared to the closing at 08:44 am today, is trading at $ 72.33. Meanwhile, West Texas Intermediate (WTI) crude oil was traded at $70.15 a barrel. The increase in gasoline stocks in the USA, the world's largest oil consumer, reinforces the perception that demand is low, causing prices to be suppressed downwards. According to data released by the US Energy Information Administration (EIA) on Wednesday, US gasoline inventories increased by 7 million barrels (3 percent) from the previous week to 241 million barrels last week. The commercial crude oil stocks of the USA, on the other hand, decreased by 5 million 200 thousand barrels (1.1 percent) last week to approximately 474 million barrels. However, the decrease in oil stocks did not affect the prices due to the increase in gasoline stocks. On the other hand, the forecast of the Organization of Petroleum Exporting Countries (OPEC) that global oil demand will increase for the second half of the year prevents the downward movement in prices. According to OPEC's oil market report for June, developments such as the relaxation of restrictions in the coronavirus (Covid-19) epidemic, positive data in April in the USA and Europe, increased mobility and opening of borders compensated for the negative developments in the first half of the year and demand for the second half of the year. brought higher expectations. Accordingly, global oil demand is expected to increase by about 6 million barrels (6.57 percent) on a daily basis this year, reaching 96 million 580 thousand barrels. From a technical point of view, it is stated that the range of $ 72.35 to $ 72.52 can be viewed as resistance and the range of $ 72.18 to $ 72.01 as support in Brent oil.