Brent Oil Trades Above $ 68 A Barrel

Brent oil trades above $ 68 a barrel on May 10. Today, a barrel of Brent oil is trading at $ 68.93 in global markets.

The barrel of Brent oil, which reached the level of $ 68.65 on the last trading day of the last week, closed the day at $ 68.28. The barrel of Brent oil, which increased by 0.95 percent compared to the closing at 09:32 am today, is trading at $ 68.93. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 65.47. Rising concerns over the fragility of the country's energy infrastructure played a major role in the rise in oil prices, following the temporary closure of one of the largest oil pipelines in the US on Friday due to a cyber 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 activities in the Colonial Pipeline to temporarily halt and affect the systems of some information technologies. In addition, the decisions to ease the current restrictions under the coronavirus (Covid-19) outbreak in the USA and some European countries also contribute to the increase in the demand for transportation in the upcoming summer season. The state of emergency, which has been implemented since October 25 due to the epidemic in Spain, has ended. In Belgium, restaurants, cafes and bars, which have been closed since October due to the epidemic, have started to serve again by accepting customers only in their gardens and terraces with the decrease in the number of cases and the acceleration of vaccination. In addition, the thoughts that the Covid-19 cases in some countries, especially India, the world's third largest oil consumer, will adversely affect the oil demand, causing the prices to be suppressed. In technical terms, it is stated that in Brent oil, the range of $ 69.29 and $ 69.89 can be followed as the resistance zone and the range of $ 68.69 and $ 68.09 as the support zone.