Brent Oil Traded Above $ 62 A Barrel

Brent oil traded above $ 62 a barrel on March 3 Today a barrel of Brent oil is traded at $ 62.91 in global markets

The barrel price of Brent oil, which reached the level of $ 64.13 on Tuesday, closed the day at $ 62.70. The barrel of Brent oil which increased by 0.33 percent compared to the closing at 09:22 am today traded at $62.91 At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 59.91. The good news from the vaccine studies against the coronavirus (Covid-19) epidemic has increased expectations for a recovery in oil demand and has been effective in rising prices. In a speech yesterday, US President Joe Biden announced that they will have enough vaccines for every US citizen on hand until the end of May.   OPEC Effect on Oil Prices Oil markets focused on the OPEC meeting that will take place tomorrow. At the meeting where the OPEC + group, consisting of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, will determine the amount of cuts to be applied as of April, the uncertainty about how much production will increase was a factor that put a barrier to the rise in prices. In the oil markets, Saudi Arabia is expected to abandon the 1 million barrels of production cut voluntarily imposed per day, while different expectations for the group's total production amount emerged. Also, according to the estimates of the American Petroleum Institute, US commercial crude oil stocks increased by approximately 7.4 million barrels last week compared to the previous week. The market expectation was that the stocks would decrease by approximately 1.9 million barrels. Official oil stock data from the US Energy Information Administration will be released today. In technical terms, it was stated that in Brent oil, the range of $ 63.18 and $ 63.72 could be followed as the resistance zone and the range of $ 62.64 and $ 62.10 as the support zone.