Brent Oil Traded Above $ 69 A Barrel

Brent Oil traded Above $ 69 a barrel on May 5. Today, a barrel of Brent oil is trading at $ 69.37 in global markets.

The barrel of Brent oil, which reached the level of $ 69.31 on Tuesday, closed the day at $ 69.28. Brent oil, which increased by 0.12 percent today at 10:04 am compared to the close, is trading at $ 69.37. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 66.12. The increase in oil prices was driven by the fact that the estimation of the decline in the commercial crude oil stocks of the USA, the world's largest oil consumer, reinforces the perception that demand in the country is on the rise. According to the estimation of the American Petroleum Institute, the USA's commercial crude oil stocks decreased by 7 million 688 thousand barrels last week compared to the previous week. The expectation of the market was that the stocks would decrease by 2 million 191 thousand barrels. Official oil stock data from the US Energy Information Administration (EIA) will be released today. Oil prices are expected to continue rising if the EIA declines in stocks. In addition, the decision to stretch the measures taken against the coronavirus (Covid-19) epidemic in the USA and the proposal to lift the existing travel restrictions in EU countries for people who have had two doses of Covid-19 vaccines approved by the European Union (EU), creating a positive atmosphere regarding oil demand supports the increase in prices. On the other hand, in some countries, especially India, the world's third largest oil consumer, the thought that the increase in Covid-19 cases will adversely affect oil demand, suppressing prices. In technical terms, it is stated that 69.62 to 69.91 dollars range can be followed as resistance and 69.33 to 69.04 dollars can be followed as the support zone in Brent oil.