Brent Oil Reached Above $73 a Barrel

Brent oil reached above $73 a barrel on September 3. Today in global markets, a barrel of Brent oil is priced at $73.07.

Brent oil, which went up to $ 73.47 yesterday, closed the day at $ 73.03. Today, the barrel of Brent oil increased by 0.05 percent compared to the close at 09.48 am and it is trading at $ 73.07. At the same time, West Texas Intermediate (WTI) crude oil was traded at $69.89 a barrel. Oil prices, which are rising with the decline in US stocks and the depreciation of the dollar, are mixed with the effect of the OPEC+ group's production increase decision and the concerns about the coronavirus (Covid-19) epidemic. The country's commercial crude oil inventories decreased by 7 million 200 thousand barrels last week, according to data from the US Energy Information Administration. The fall, which was more than expected, increased market confidence by signaling that the demand for oil in the world's largest oil consumer country is on the rise. The depreciation of the US dollar against other currencies also increases oil prices, encouraging international buyers to buy more crude at lower prices. On the other hand, the decision to stick to the OPEC+ group's previous plan to "increase daily oil production by 400 thousand barrels per month in the August-December period" suppressed prices, while market investors focused on the information flow about the recovery in demand. In addition, the concern that the Delta variant may adversely affect the economic recovery and global oil demand in the Covid-19 epidemic continues to be a risk factor in the markets. Today, the employment report to be published in the USA stands out as the important focal point of the markets. In technical terms, it is stated that the range of $73.34 to $73.81 can be viewed as resistance and the range of $72.87 to $72.40 as support in Brent oil.