Brent Oil Trades Above $ 65 A Barrel

Brent oil trades above $ 65 a barrel on May 21. Today, a barrel of Brent oil is trading at $ 65.14 in global markets.

The barrel of Brent oil, which reached the level of $ 67.17 on Thursday, closed the day at $ 65.11. The barrel of Brent oil, which increased by 0.05 percent compared to the closing at 09:54 today, trading at $ 65.14. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 62.13. Oil prices rose slightly, with the expectation that the start of the coronavirus (Covid-19) outbreak restrictions in the world's largest oil consumer, the USA and European countries, will positively reflect on oil demand, while excess supply concerns are putting pressure on prices. On the European side, Britain and France continue to phase out the Covid-19 measures, while many countries have started to accept tourists from the European Union (EU) countries and the UK, taking into account the number of cases. Finally, yesterday, EU institutions agreed on the "vaccine certificate", which is planned to be used in travels within the borders of the Union. Accordingly, EU member countries will not apply travel restrictions such as additional testing or quarantine after the certificate goes into effect. Another factor suppressing prices was the announcement of Iranian President Hassan Rouhani yesterday that an agreement was reached on lifting the main sanctions in the nuclear agreement negotiations in Vienna, the capital of Austria, and negotiations on some details are ongoing. If the agreement is reached, the fact that Iran will officially start oil exports puts a barrier to the upward movement of prices, fueling the concerns of excess supply in the demand-strapped market. On the Asian side, the increase in the number of cases and the new measures taken accordingly increase the concerns that the demand for oil will continue to remain weak and continue to press the prices. In technical terms, it is stated that the range of $ 65.26 and $ 65.55 can be followed as the resistance zone and the range of $ 64.97 and 64.68 can be followed as the support zone in Brent oil.