Oil prices fell | Commodity News

Brent oil is traded at $72.33 a barrel in international markets.

The barrel price of Brent oil, which rose to $ 72.93 yesterday, completed the day at $ 72.52. The barrel of Brent oil was traded at $ 72.33, with a decrease of 0.3 percent as of 08:44 today, compared to the closing date. At the same time, West Texas Intermediate (WTI) crude oil found buyers at $70.15 a barrel.

The increase in gasoline stocks of the USA, the world’s largest oil consumer, has led to the perception that demand is low, and the negative pressure on prices continues.

U.S. gasoline inventories reached 241 million barrels last week, up 7 million barrels (3 percent) from the previous week, data released by the U.S. Energy Information Administration (EIA) on Wednesday.

On the other hand, the commercial crude oil stocks of the USA decreased by 5 million 200 thousand barrels (1.1 percent) last week to 474 million barrels. However, the decrease in oil stocks did not affect the prices due to the increase in gasoline stocks.

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Experts say that the intensity of road traffic and the increase in jet fuel consumption in most of North America and Europe will have a positive effect on prices in the coming weeks.

On the other hand, the forecast of the Organization of Petroleum Exporting Countries (OPEC) that global oil demand will increase for the second half of the year limits the downward movement in prices.

According to OPEC’s oil market report for June, developments such as the easing of restrictions in the new type of coronavirus (Kovid-19) epidemic, positive data for April in America and Europe, increased mobility and opening of borders compensated for the negative developments in the first half and continued for the second half of the year. increased demand expectations.

In this context, it is estimated that the global oil demand will increase by approximately 6 million barrels (6.57 percent) on a daily basis this year and reach 96 million 580 thousand barrels.

It is stated that technically, the range of $ 72.35 to $ 72.52 in Brent oil can be followed as resistance, and the range of $ 72.18 to $ 72.01 as support.


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Source: bigpara- GÜNDEM by bigpara.hurriyet.com.tr.

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