Brent Oil Rose Above $74 A Barrel

Brent oil rose above $74 a barrel on June 30. Today, in the global markets, Brent oil is trading at $ 74.58 a barrel.

Brent oil, which went up to $ 75.51 on Tuesday, finished the day at $ 74.28 a barrel. The barrel of Brent oil, which increased by 0.40 percent compared to the closing at 09.34 am today, is trading at $ 74.58. At the same time, a barrel of West Texas type (WTI) crude oil was traded at $ 73.44. The forecast for the decline in the commercial crude oil stocks of the USA strengthened the perception that the demand in the country was increasing and played a major role in the rise in prices. According to the estimation of the American Petroleum Institute, the US commercial crude oil stocks fell by 8 million 153 thousand barrels last week compared to the previous week, more than expected. The market expectation was that stocks would decrease by 4 million 460 thousand barrels. Official oil stock data from the U.S. Energy Information Administration (EIA) will be released today. If the EIA points to a decline in inventories, oil prices are expected to continue to rise. The markets turned their eyes to the meeting of the OPEC+ group, which will be held tomorrow, regarding the production policy to be implemented as of August. On the other hand, the news that the Joint Ministerial Monitoring Committee meeting, which the group will meet today to make an advisory decision for the 18th Ministerial Meeting to be held tomorrow, has been postponed to tomorrow, also creates fluctuations in oil prices. At its meeting on April 1, the group decided to gradually increase daily oil production for May, June and July. In addition, the rapid spread of the "Delta" variant of the coronavirus (Covid-19) strengthens the concerns that it may cause a new wave, while the quarantine measures in many countries and the re-talk of travel restrictions in this context negatively affect the oil demand outlook. In technical terms, it is stated that the range of 74.64 to 74.92 dollars can be viewed as resistance and the range of 74.36 to 74.08 dollars can be viewed as a support zone in Brent oil.