The barrel price of Brent oil, which rose to $22.96 on Friday, finished the day at $22.22. As of 09.51 today, a barrel of Brent oil was traded at $20.58, a decrease of 7.38 percent compared to the closing. At the same time, West Texas Intermediate (WTI) crude oil was sold at $19.60 per barrel.
In his statement to the Algerian state radio, Algerian Minister of Energy and President of the Organization of Petroleum Exporting Countries (OPEC), Muhammed Arkab, noted that they expect oil prices, which have experienced a sharp decline in recent days due to the new type of coronavirus (Covid-19), to recover in the coming days.
Arkab predicted that the barrel price of oil will rise to 40 dollars in May and June with the implementation of the decision of OPEC member countries to restrict production.
OPEC and some non-OPEC producing countries decided to implement a daily crude oil production amount reduction of 10 million barrels in total between May 1 and June 30, 8 million barrels between July 1 and December 31, and 6 million barrels between January 1, 2021 and April 30, 2022. had taken it.
On the other hand, according to weekly data published by the oil field service company Baker Hughes, the number of oil drilling rigs in the USA decreased by 60 compared to the previous week in the week of April 18-24, falling to 378.
The number of oil rigs in the USA decreased for 6 consecutive weeks, decreasing by a total of 305 during this period.
Experts state that refineries in Asia have started to purchase oil at low prices, and increased oil purchases in the region have slightly revived global oil demand.
It is stated that technically the range between 21.66 and 24.00 dollars can be viewed as resistance and the range between 19.25 and 18.50 dollars can be viewed as support zone for Brent oil.
Source: https://www.aa.com.tr/tr/ekonomi/brent-petrolun-varili-20-58-dolar/1819610
