Brent Oil Stayed Above $ 68 A Barrel

Brent oil stayed above $ 68 a barrel on May 27 Today a barrel of Brent oil is trading at $ 68.32 in global markets

Brent oil which reached the level of $ 69.17 on Wednesday closed the day at $ 68.73 Brent oil which decreased by 0.60 percent compared to the closing at 09:32 am today is trading at $ 68.32 At the same time, West Texas type (WTI) crude oil was traded at $ 65.84. The decrease in oil prices played a role in the possibility of the resumption of Iranian oil supply and demand concerns due to the coronavirus (Covid-19) outbreak in the Asian region. The negotiations, which started in Vienna, the capital of Austria, on April 6, discuss the full implementation of the Iran nuclear agreement, known as the Comprehensive Joint Action Plan, and the removal of US sanctions and the return to the agreement. While the negotiation process strengthens the predictions that an agreement between the parties may be very close in the markets, this situation brings with it partial decreases in oil prices. The high number of coronavirus cases in the Asian region, including India, the world's third largest oil importer, also negatively affects the demand outlook, putting pressure on prices. On the other hand, the expectation that the increase in vehicle use will be reflected in the fuel demand in the approaching summer period partially prevents the decrease in prices. In technical terms, it is stated that in Brent oil, the range of $ 68.64 and $ 69.21 can be followed as a resistance zone, and the range of $ 68.07 and $ 67.50 can be followed as a support zone.