Brent Oil Reached Above $74 a Barrel

Brent oil reached above $74 a barrel on September 20. Today in global markets, a barrel of Brent oil is priced at $ 74.75.

Brent oil, which fell to $ 74.65 on Friday, closed the day at $ 75.34. The barrel of Brent oil, which decreased by 0.78 percent compared to the closing at 09:29 am today, is trading at $ 74.75. At the same time, a barrel of West Texas type (WTI) crude oil was traded at $71.17. The fact that the US dollar has continued to rise in international markets since Friday, seeing the highest levels of the last 3 weeks, played a role in the decline in oil prices. As the US dollar appreciated against the Euro and other currencies in the global market, dollar-denominated oil became more expensive for buyers using other currencies. In addition, the increasing number of oil drilling rigs in the USA, the world's largest oil producer, supported the downward movement in prices, pointing to an increase in production. According to weekly data released by oilfield services company Baker Hughes, the number of oil rigs in the US rose by 10 to 411 during the period September 11-17, compared to the previous week. In addition, there was a production problem in the oil production platforms in the Gulf of Mexico due to the fact that the southern coast of the country was under the influence of tropical storms. The inability to start production at full capacity in the said facilities limits the decline in prices. In technical terms, it is stated that the range of $75.07 to $75.40 can be viewed as resistance and the range of $74.53 to $74.32 as support in Brent oil.