Brent Oil Trades Above $ 67 A Barrel

Brent oil trades above $ 67 a barrel on April 29. A barrel of Brent oil is trading at $ 67.09 in global markets today.

The barrel of Brent oil, which reached the level of $ 67.85 on Wednesday, closed the day at $ 66.78. At 09:51 am today, the barrel of Brent oil, which increased by 0.46 percent compared to the closing, traded at $ 67.09. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 64.12. The rise in oil prices was driven by the fact that the world's largest oil consumer, the US, the increase in commercial crude oil stocks remained below the forecasts and the oil producers' positive expectations for demand. According to data from the US Energy Information Administration, the country's commercial crude oil stocks have increased by only 100,000 barrels last week compared to the previous week. The market forecast was that the stocks would increase by 375 thousand barrels. In addition, the OPEC group, which came together via video conferencing on Tuesday, said that the recovery in the global economy accelerated in the second half of the year and that oil demand would increase, which also supported the rise in prices. On the other hand, the idea that the increase in coronavirus (Covid-19) cases in some countries, especially India, the world's third largest oil consumer, will adversely affect oil demand, putting pressure on prices. In technical terms, it is stated that in Brent oil, the range of $ 67.25 and $ 67.52 can be followed as the resistance zone, and the range of $ 66.98 and $ 66.71 can be followed as the support zone.