Brent Oil Reached Above $74 a Barrel

Brent oil reached above $74 a barrel on July 29. Today, Brent oil is trading at $74.17 a barrel in global markets.

The barrel of Brent oil, which went up to $ 75.32 yesterday, completed the day at $ 73.87. The barrel of brent oil, which increased by 0.41 percent compared to the closing at 09:26 am today, is priced at $ 74.17. At the same time, West Texas Intermediate (WTI) crude oil was traded at $72.72 a barrel. The US Energy Information Administration announced that commercial crude oil inventories in the country decreased by 4 million 100 thousand barrels last week. The decrease in the commercial crude oil stocks of the USA, the world's largest oil consumer, played a role in the rise in oil prices by reinforcing the perception that the growth in demand will exceed the supply despite the increase in coronavirus (Covid-19) cases. Experts state that the OPEC+ group's decision to increase oil production by 400 thousand barrels as of August, coinciding with a period when the increase in the number of Covid-19 cases worldwide accelerated, may cause a contraction in the market. On the other hand, the concerns that the cases that have increased again in many countries will negatively affect the global economic recovery and the growth in oil demand are also putting pressure on prices. In technical terms, it is stated that the range of 74.30 to 74.52 dollars can be viewed as resistance and the range of 74.08 to 73.86 dollars can be viewed as support in Brent oil.