Brent Oil Reached Above $75 a Barrel

Brent oil reached above $75 a barrel on September 22. Today, a barrel of Brent oil has is prices at $75.39 in global markets.

Brent oil, which went up to $ 75.48 yesterday, closed the day at $ 74.36. The barrel of Brent oil, which recorded an increase of 1.38 percent compared to the closing at 09:41 am today, is trading at $ 75.39. At the same time, West Texas Intermediate (WTI) crude oil was traded at $71.58 a barrel. The forecast that US crude stocks will fall above expectations after Hurricane Ida, which hit the southern coast of the country at the end of August, played a role in oil prices. According to the forecast of the American Petroleum Institute, the commercial crude oil stocks of the USA decreased by 6 million 108 thousand barrels last week compared to the previous week. The market expectation is that stocks will decrease by 2 million 400 thousand barrels. The U.S. Energy Information Administration (EIA) will release official oil stock data today. Oil prices are expected to continue to rise if there is a decrease in stocks. On the other hand, monetary policy uncertainties are putting pressure on the rise in oil prices due to the concerns that the increasing cases in the coronavirus (Covid-19) epidemic will slow down the global recovery. Investors focused on the decisions that will come out of the Federal Open Market Committee (FOMC) meeting of the US Federal Reserve (Fed) that started today. In technical terms, it is stated that the range of $ 75.50 to $ 75.88 can be followed as resistance and the range of $ 74.24 to 73.99 dollars can be followed as support in Brent oil.