Brent Oil Traded Above $75 A Barrel

Brent oil traded above $75 a barrel on June 25. Today, a barrel of Brent oil is trading at $75.65 in global markets.

The barrel of Brent oil, which went up to $ 75.89 yesterday, completed the day at $ 75.56. The barrel of Brent oil, which increased by 0.12 percent compared to the closing at 09:17 am today, is trading at $ 75.65. At the same time, a barrel of West Texas type (WTI) crude oil was traded at $73.39. With the acceleration of vaccination programs in the fight against the coronavirus (Covid-19) epidemic around the world, the lifting of travel restrictions and the increase in travel with the start of the summer period, the optimistic outlook on oil demand reflects positively and supports prices in a positive way. Positive expectations about the meeting of the OPEC+ group on July 1 also played a role in the rise in prices. At the meeting, where the amount of cuts to be applied as of August will be discussed, the group is expected to be cautious about the increase in production. Experts share the view that the expectation that OPEC+ will meet the increasing demand without causing serious fluctuations in prices and that the group will increase production in August has already been priced in by the markets. At its meeting on June 1, the group had decided to gradually increase daily oil production until the end of July. In addition, the positive mood in the markets was supported by the announcement of US President Joe Biden yesterday that the Republican and Democrat senators and the White House have reached an agreement on the $ 1.2 trillion infrastructure package. In technical terms, it was stated that the range of $75.80 to $76.07 can be viewed as resistance and the range of $75.35 to $75.17 as support in Brent oil.