The barrel price of Brent oil, which rose to $22.45 yesterday, finished the day at $20.27. As of 09:00 today, a barrel of Brent oil was traded at $22.22, with an increase of 9.08 percent compared to the closing. At the same time, West Texas Intermediate (WTI) crude oil was sold at $15.37 per barrel.
While it is seen that refineries in China, India, Japan and South Korea have started to purchase oil at low prices, it is stated that increased oil purchases in Asia have slightly revived global oil demand and increased the price of Brent oil.
The US Energy Information Administration (EIA) announced that commercial crude oil stocks in the country increased by 15 million barrels (3 percent) last week, reaching 518.6 million barrels. Market expectation was that stocks would increase by 15.1 million barrels. The country’s crude oil stocks increased by 19.2 million barrels the previous week.
According to EIA’s “April 2020 Short-Term Energy Outlook Report”, the country’s average daily crude oil production is expected to be 11.8 million barrels this year.
It is stated that technically, the range between 22.72 and 24.02 dollars in Brent oil can be watched as resistance, and the range between 21.42 and 20.12 dollars can be viewed as a support zone.
Source: https://www.aa.com.tr/tr/ekonomi/brent-petrolun-varili-22-22-dolar/1815422
