Brent Oil Trades Above $ 67 A Barrel

Brent oil trades above $ 67 a barrel on May 11. Today, a barrel of Brent oil is trading at $ 67.94 in global markets.

The barrel of Brent oil, which reached the level of $ 68.36 on the first trading day of the week, closed the day at $ 68.32. The barrel of Brent oil, which decreased by 0.55 percent compared to the closing at 09:42 am today, is trading at $ 67.94. The decline in oil prices was driven by the fact that some refineries reduced their production and the demand for crude oil began to decline following the Friday cyber attack by the Colonial Pipeline, one of the largest oil pipelines in the United States. US President Joe Biden said yesterday at the White House that there is no evidence that Russia is responsible for the attack, but Russia has the responsibility to "deal". The decrease in production in these refineries caused companies supplying crude oil to cut production. French oil giant Total announced yesterday that it reduced gasoline production at the Port Arthur refinery by 225,500 barrels due to the pipeline outage. Two of the country's largest oil-processing facility Saudi Arabia and Shell partnership Motiva's oil refineries in Port Arthur capable of processing 600,000 barrels of oil per day have temporarily halted their operations due to the attack. In a statement released by the Colonial Pipeline on Saturday, it was reported that certain systems were taken offline to contain the threat that caused the temporary cessation of activities on the pipeline and affected the systems of some information technology. The company said yesterday that the pipeline is expected to be operational again "significantly" by the end of the week. In technical terms, it was stated that the range of $ 68.23 and $ 68.65 could be followed as the resistance zone and the support zone is between $ 67.52 and $ 67.23 in Brent oil.