Brent Oil Reached Above $ 73 A Barrel

Brent oil reached above $ 73 a barrel on July 23. Today in global markets, a barrel of Brent oil is trading at $ 73.59.

The barrel of Brent oil, which went up to $ 73.90 yesterday, closed the day at $ 73.79. The barrel of Brent oil, which decreased by 0.27 percent compared to the closing at 09:30 am today, is trading at $ 73.59. At the same time, West Texas Intermediate (WTI) crude oil was priced at $71.67 a barrel. After the OPEC+ group's decision to increase oil production by 400 thousand barrels as of August, in addition to the demand concerns due to the epidemic, negatively reflected on the prices, oil remained above the level of 70 dollars before the end of the week. On the other hand, the spread of the Delta variant in the new type of coronavirus (Covid-19) epidemic, especially in regions where vaccination is disrupted, raises concerns about the global economy and growth in oil demand. Rochelle Walensky, Director of the US Centers for Disease Control and Prevention (CDC), informed that the Delta variant of the Covid-19 virus spreads rapidly in areas with low vaccination rates, and that this type of the virus is seen in about 83 percent of new cases. In technical terms, it is stated that the range of 73.55 and 73.79 dollars can be viewed as resistance and the range of 73.31 and 73.07 dollars as support in Brent oil.