Brent Oil Was Above $75 a Barrel

Brent oil was above $75 a barrel on July 7. Today, a barrel of Brent oil is trading at $75.11 in global markets.

Brent oil, which went up to $ 77.84 on Tuesday, closed the day at $ 74.53. The barrel of Brent oil, which increased by 0.78 percent compared to the closing at 10:03 am today, is trading at $ 75.11. At the same time, a barrel of West Texas (WTI) crude oil was traded at $74.03. Oil prices rose sharply after the 18th Ministerial Meeting of the OPEC+ group was canceled on Monday due to disagreements between member states. Expectations that producer countries will start producing more oil in order to increase their market share create fluctuations in the market. Failure to reach an agreement at the meeting raises concerns that oil supply will remain weak in markets with high demand, causing oil prices to rise. The barrel of Brent oil recorded the highest level since October 2018, and the barrel of WTI crude oil since November 2014. However, in the oil market, which is trying to find a direction, there may be sudden decreases in prices during the day. In technical terms, it is stated that the range of $75.38 to $75.76 can be viewed as resistance and the range of $74.14 to $73.76 as support in Brent oil.