Brent Oil Traded Above $ 65 A Barrel

Brent oil traded above $ 65 a barrel on February 26 Today a barrel of Brent oil is traded at $ 65.50 in global markets

The barrel price of Brent oil, which dropped to $ 65.04 on Thursday, closed the day at $ 66.11. The barrel price of Brent oil decreased by 0.92 percent at 09:21 am today compared to the closing traded at $65.50 At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 62.94. The appreciation of the US dollar against other currencies played a role in the decline in dollar-indexed crude oil prices. The US dollar index, which measures the value of the US dollar against other currencies, increased by 0.26 percent and reached $ 90.36. With the positive progress regarding the coronavirus (Covid-19) vaccine studies, the strict policy of OPEC+ countries to maintain the supply-demand balance, and the countries stretching their epidemic measures, oil prices continue to hover at the highest levels of the last 13 months. The concern that the rise in prices will increase production and increase the surplus of the market prevents the prices from falling further. The global oil market is now turning their attention to the OPEC+ group meeting on March 4, when it will determine the amount of cuts to be applied as of April. At this meeting, it is stated that a decision may be taken to ease production cuts due to the increase in crude oil prices. In technical terms, it is stated that in Brent oil, the range of $ 66.04 and $ 66.32 can be followed as the resistance zone and the range of $ 65.43 and $ 65.10 as the support zone.