Brent Oil Trades Above $ 62 A Barrel

Brent oil trades above $ 62 a barrel on April. Today, a barrel of Brent oil is trading at $ 62.80 in global markets.

The barrel of Brent oil, which reached the level of $ 64.81 on the first trading day of the week, closed the day at $ 62.15. The barrel of Brent oil, which increased by 1.05 percent compared to the closing at 09:48 am today, traded at $ 62.80. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 59.37. Data on economic activity from the world's largest oil consumers, the United States and China, played a major role in the rise in oil prices. The service sector data released yesterday in the USA exceeded the expectations and raised the optimism regarding the economic activity. The Institute of Supply Management (ISM) non-manufacturing index, one of the important indicators of the service sector, increased by 8.4 points monthly to 63.7 in March and recorded an all-time high. In China, the recovery in the service sector accelerated with companies hiring more workers in March and increasing optimism in this direction. The service sector Purchasing Managers Index (PMI) increased by 2.8 points to 54.3. In addition, today, the focus of the markets are the meetings where the Iran nuclear agreement to be held in Vienna and the US return to this agreement will be discussed. In addition, indirect negotiations between the US and Iran as part of the wide-ranging negotiations to revive the agreement are considered an important factor on prices due to the OPEC+ group's concerns that the oil supply will increase in Iran, which is exempt from production cuts. In technical terms, it is stated that the range of 63.28 to 64.31 dollars can be followed as the resistance zone and the range of 62.25 to 61.22 dollars can be followed as the support zone in brent oil.