Brent Oil Trades Above $ 63 A Barrel!

Brent oil trades above $ 63 a barrel. Today, a barrel of Brent oil is traded at $ 63.53 in global markets.

At the beginning of the new week, oil prices were at their highest levels in the last 13 months. The barrel price of Brent oil, which reached the level of $ 62.83 on the last trading day of the last week, closed the day at $ 62.43. The barrel price of Brent oil, which increased by 1.76 percent compared to the close at 09:57 am today, traded at $ 63.53. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 60.77. After the Saudi Arabian-led coalition forces, which support the Yemeni government, announced that they had neutralized an explosive-laden unmanned aerial vehicle (UAV) belonging to the Iranian-backed Houthis, the concern that the tension would increase in the region made the price rise inevitable. In addition to this development, the prices that are supported by the production cut imposed by the OPEC+ group consisting of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, the decrease in the rate of increase in coronavirus (Covid-19) cases and the expectations for the financial support package in the USA will increase the demand. thought also played a big role in the rise of prices. Speaking to Anadolu Agency (AA), Political Risk and Oil Analyst Jose Chalhoub pointed out the decline in commercial crude oil stocks of the world's largest oil consumer, the US, and the alignment of OPEC+ countries in the implementation of the Saudi-led production cut, and investors seem satisfied with the current levels for now, hoping for a more optimistic market. Stating that the upward trend in prices will proceed in parallel with the large-scale vaccination efforts around the world, especially in the USA and Europe, Chalhoub said: "Continuing quarantine times, seasonal factors and geopolitical risks in many countries continue to be determinants of how long oil demand and demand will reach pre-epidemic levels. These factors could further support the rise of oil prices, which could be positive for US shale oil producers." In technical terms, it was stated that the range of 63.68 to 63.82 dollars can be followed as resistance and 63.52 to 63.40 dollars as support zone in brent oil.