Brent Oil Reached Above $73 a Barrel

Brent oil reached above $73 a barrel on September 13. Today in global markets, a barrel of Brent oil is priced at $ 73.47.

Brent oil, which rose to $ 73.67 yesterday, closed the day at $ 72.92. The barrel of Brent oil, which increased by 0.75 percent compared to the closing at 09:57 am today, is trading at $ 73.47. At the same time, West Texas type (WTI) crude oil was traded at $ 70.19 a barrel. Supply disruptions played a role in the rise in oil prices after the US's oil and gas production in the Gulf of Mexico was interrupted by Hurricane Ida at the end of August. The U.S. Department of the Interior's Security and Environmental Enforcement Administration reported that approximately 48 percent of oil production and 54 percent of natural gas production in the Gulf of Mexico are still closed. On the other hand, the country's increasing number of oil drilling rigs indicates that production will also increase. According to the weekly data released by oilfield services company Baker Hughes, the number of oil rigs in the US rose by 7 to 401 in the period 4 to 10 September compared to the previous week. Markets will focus on oil market reports to be released this week by the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA). Experts predict that OPEC will revise its oil demand forecast for 2022 downwards. In technically terms, it is stated that the range of $73.66 to $73.97 can be viewed as resistance and the range of $72.92 to $72.49 as support in Brent oil.