Brent Oil Reached Above $75 a Barrel

Brent oil reached above $75 a barrel on September 16. Today, a barrel of Brent oil is priced at $75.54 in global markets.

Brent oil, which went up to $ 75.87 yesterday, closed the day at $ 75.46. The barrel of Brent oil, which increased by 0.10 percent compared to the closing at 08:45 am today, is trading at $ 75.54. At the same time, West Texas Intermediate (WTI) crude oil was traded at $72.64 a barrel. The more-than-expected decline in US commercial crude oil stocks supported prices upwards, with the perception of recovery in demand. According to the US Energy Information Administration (EIA), commercial crude oil stocks in the country decreased by 6 million 400 thousand barrels (1.5 percent) last week to approximately 417 million 400 thousand barrels. The market expectation was that inventories would decrease by 3 million 900 thousand barrels. In the said period, US gasoline stocks were recorded as 218 million 100 thousand barrels with a decrease of 1 million 900 thousand barrels (0.8%). Pointing out that global oil stocks decreased for the first time in the last five months with the decline in the US crude oil stocks, experts said that the EIA data supported the statement of the International Energy Agency that the supply loss caused by the storms in the Gulf of Mexico will offset the supply increases from OPEC. After hurricane Nicholas crossed Texas before reaching the expected category, most energy companies operating in the Gulf of Mexico resumed production. The Colonial Pipeline pipeline, which carries more than 100 million gallons of gasoline and other fuels daily from Houston to New York Harbor, resumes gasoline and diesel transfers, while Royal Dutch Shell, the largest oil producer in the Gulf of Mexico region, plans to restart production on the Perdido offshore platform. The US coast guard reported that Texas ports, which were closed to ship traffic before the storm, were also reopened yesterday. The U.S. Department of the Interior's Security and Environmental Enforcement Administration said that about 29 percent of oil production and 39 percent of natural gas production in the Gulf of Mexico are still closed. In technical terms, it was noted that the range of $74.69 to $75.81 can be viewed as resistance and the range of $75.19 to $75.07 as support in Brent oil.