Brent Oil Reached Above $76 a Barrel

Brent oil reached above $76 a barrel on July 5. Today in global markets, a barrel of Brent oil is trading at $ 76.22.

Barrel of Brent oil, which went up to $ 76.43 on Friday, finished the day at $ 76.17. The barrel of Brent oil, which increased by 0.07 percent compared to the closing at 09:25 am today, is trading at $ 76.22. At the same time, a barrel of West Texas type (WTI) crude oil was traded at $75.20. Markets paid attention to the meeting where the OPEC+ group will discuss the decision on the production policy to be implemented starting from August today. The decision meeting was postponed to today as the group could not come to an agreement in the meetings held for two consecutive days on 1-2 July. This outcome caused fluctuations in prices. In the talks held on Thursday and Friday, the proposal to increase oil production by 400 thousand barrels per month in the August-December period and to extend the current production cut agreement until the end of 2022 was supported by the majority of the member countries, while an agreement was reached upon objections from the United Arab Emirates (UAE). It is stated that the UAE did not accept this proposal because of its desire to "increase the production quota". The energy and oil ministers of 13-member OPEC led by Saudi Arabia and 10 non-OPEC oil producing countries led by Russia will continue their 18th Ministerial Meeting today. At the 15th Ministerial Meeting on April 1, the group had decided to gradually increase daily oil production for May, June and July. Saudi Arabia, on the other hand, announced that it would gradually lift the additional 1 million barrels per day cut decision announced in February and implemented voluntarily. In addition to these developments, the delta variant concern in the coronavirus outbreak is putting pressure on prices, making the demand outlook uncertain. In technical terms, it is stated that the range of $76.32 to $76.87 can be viewed as resistance and the range of $75.77 to $75.22 as support in Brent oil.