Brent Oil Reached Above $73 a Barrel Once Again

Brent oil reached above $73 a barrel once again. Today in global markets, a barrel of Brent oil is trading at $ 73.92.

The barrel of Brent oil, which went up to $ 74.84 yesterday, closed the day at $ 73.70. The barrel of brent oil, which increased by 0.30 percent compared to the closing at 09:29 am today, is trading at $ 73.92. At the same time, West Texas Intermediate (WTI) crude oil was traded at $72.11 a barrel. Despite the increase in cases caused by the Delta variant in the worldwide coronavirus (Covid-19) epidemic, the thoughts that vaccination studies could keep the epidemic under control played a role in the slight rise in oil prices. According to the website "Ourworldindata.org", where vaccine data are compiled, more than 3 billion 890 million doses of vaccines have been made worldwide as part of the fight against the epidemic. The World Bank has announced a new financing mechanism for vaccine supply to accelerate the access of developing countries to vaccines. It was stated that this mechanism will allow countries to purchase from vaccine manufacturers at more competitive prices based on their aggregate demand. On the other hand, despite the OPEC+ group's decision to increase production by 400 thousand barrels per day for the rest of the year, experts say that global oil markets are expected to run a deficit in the face of increasing demand. In technical terms, it is stated that the range of $74.20 to $74.66 can be viewed as resistance and the range of $73.74 to $73.28 as support in Brent oil.