Brent Oil Trades Above $ 66 A Barrel

Brent oil trades above $ 66 a barrel on May 5. Today, a barrel of Brent oil is trading at $ 66.34 in global markets.

The barrel of Brent oil, which reached the level of $ 67.97 in the last trading day of the last week, closed the day at $ 66.76. The barrel of Brent oil, which decreased by 0.63 percent compared to the closing at 10:13 am today, is trading at $ 66.34. At the same time, the barrel of West Texas type (WTI) crude oil traded at $ 63.22. In the fall of oil prices, concerns that the increase in new types of coronavirus (Covid-19) cases in some countries, especially India, the world's third largest oil consumer, will negatively affect oil demand continue to play a role. According to the statement made by the Ministry of Health of India, with the detection of 368 thousand 147 new Covid-19 cases in the last 24 hours, the total number of cases increased to 19 million 925 thousand 604. With the death of 3 thousand 417 people in the last 24 hours, the number of deaths rose to 218 thousand 959. The number of patients undergoing treatment increased to 3 million 413 thousand 642. India, where the number of cases rises rapidly, is the country with the highest number of daily cases and deaths in the world. In addition, the predictions that the oil supply will rise with the lifting of certain sanctions in Iran, which is exempt from the production cuts of the OPEC+ group within the scope of the negotiations to revive the Iran nuclear deal, are also considered as an important factor affecting prices. In addition, with the spread of vaccination studies, global oil demand is expected to increase, especially in the third quarter of the year, the busiest travel period. This expectation of the markets puts a barrier on the downward movement of oil prices. In technical terms, it is stated that 66.49 to 66.75 dollars range can be followed as resistance and 66.23 to 65.97 dollars range can be followed as support zone in Brent oil.