Brent Oil Reached Above $76 a Barrel

Brent oil reached above $76 a barrel on July 14. Today in global markets, a barrel of Brent oil is trading at $76.41.

The barrel price of Brent oil, which went up to $ 76.60 yesterday, closed the day at $ 76.49. The barrel of Brent oil, which recorded a decrease of 0.10 percent compared to the closing at 09:46 am today, is trading at $ 76.41. At the same time, West Texas Intermediate (WTI) crude oil was traded at $75.08 a barrel. The world's largest oil importer, China's crude oil imports decreased by 3 percent in the first half of the year compared to the same period last year. This situation played a role in the partial decline in oil prices. On the other hand, the perception that the demand is high due to the decrease in the commercial crude oil stocks of the USA makes it possible for the prices to find upward support. Official oil stock data from the U.S. Energy Information Administration will be released today. The inability of the OPEC+ group to make a decision on the production policy to be implemented as of August continues to affect prices. Experts stated that there have been sudden increases and decreases in oil prices since the cancellation of the meeting, adding that the ongoing uncertainty stemming from the OPEC+ group on the supply side also indicates a rapid contraction in the market where demand is high. In technical terms, it is stated that the range of $76.51 to $76.78 can be viewed as resistance and the range of $76.24 to $75.97 as support in Brent oil.