Brent Oil Reached Above $75 a Barrel

Brent oil reached above $75 a barrel on July 12. Today, a barrel of Brent oil is trading at $75.27 in global markets.

Brent oil, which went up to $ 75.83 on Friday, closed the day at $ 75.55 a barrel. The barrel of Brent oil, which recorded a decrease of 0.37 percent compared to the closing at 09:31 am today, is trading at $ 75.27. At the same time, West Texas Intermediate (WTI) crude oil was traded at $74.30 a barrel. The decline in oil prices played a role as concerns about the global economic recovery offset the contraction on the supply side. In the final declaration of the G20 Finance Ministers and Central Bank Governors meeting, announced on Saturday, it was warned that coronavirus (Covid-19) variants and inequalities in access to vaccines threaten the global economic recovery. While the acceleration of the spread of the "delta" variant of Covid-19 around the world increases concerns about a new wave, the quarantine measures taken again in many countries and travel restrictions are on the agenda again, reflecting negatively on the oil demand outlook. On the other hand, the cancellation of the meeting of the OPEC+ group, which will determine the production policy to be implemented as of August, continues to affect prices. In technical terms, it is stated that the range of $75.50 to $75.86 can be viewed as resistance and the range of $75.14 to $74.78 as support in Brent oil.