Brent Oil Trades Above $71 A Barrel

Brent oil trades above $71 a barrel on June 7. Today, in global markets, brent oil is trading at $71.36 a barrel.

Barrel of Brent oil, which went up to $ 72.17 on the last trading day of last week, closed the day at $ 71.89. The barrel of brent oil, which decreased by 0.73 percent compared to the closing at 09:12 am today, is trading at $ 71.36. Meanwhile, West Texas Intermediate (WTI) crude oil was traded at $69.19 a barrel. The meeting to be held for the final decision in the negotiations in Vienna, the capital of Austria, where the full implementation of the Iran Nuclear Agreement, called the Joint Comprehensive Plan of Action, and the return of the USA to the agreement, which has been going on for about two months, are considered, will have an impact on the prices. If it is agreed at the meeting scheduled for June 10, the concerns of oversupply in the markets with the lifting of the oil embargo on Iran are putting downward pressure on prices. But experts share the view that an agreement cannot be reached before the presidential elections in Iran on June 18. In addition, the expectation that travel will increase in the summer period together with the economic recovery signals positively affects the demand outlook and prevents prices from falling further. The forecasts in the markets that the global oil demand will exceed the oil supply in the second half of the year also stand out as a factor that drives prices up. In technical terms, it is stated that the range of 71.48 to 71.97 dollars can be followed as resistance and the range of 70.99 to 70.50 dollars as support in Brent oil.