Can Brent Oil Go Up Again? Which Critical Levels Should Be Monitored?

Can Brent Oil Go Up Again? Which Critical Levels Should Be Monitored?

Can Brent Oil Go Up Again? Which Critical Levels Should Be Monitored?

Brent oil price per barrel, which hovered above $ 67 on Thursday, completed the day at $ 65. Brent oil is trading at 65.15 levels today. Meanwhile, (WTI) crude oil is hovering at $ 62.10.

Oil prices were expected to rise after the Kovid-19 outbreak restrictions were eased and lifted all over the world and oil producing countries. Oil, which showed a partial increase with these positive developments, continues by regressing to the day.

European countries are gradually removing the Kovid-19 measures and preparing for life without a mask, and many countries have started to open their doors to tourists, taking into account the decreasing number of cases and vaccines. On the EU side, a consensus has been reached on the "vaccine certificate", which is planned to be used in travels within the borders of the Union. EU member countries will be able to travel without additional testing or quarantine in internal circulation.

Despite all the positive developments, an issue that suppressed prices came after the Iranian President announced that an agreement was reached to lift the sanctions on them in the ongoing nuclear agreement negotiations in Vienna. If the agreement is signed, Iran will officially start oil exports, which could create an excess supply, which restricts the upward movement of oil prices.

In contrast, the increase in the number of cases continues in the Asian continent. The new measures taken also cause pressure on oil prices.

Technically speaking, expert analysts in this case, for now, the resistance of the range of $ 65.25 to $ 65.53 for Brent Oil,

It states that the range of $ 64.92 to $ 64.66 should be monitored as critical support zones.