The barrel price of Brent oil, which was $24.26 yesterday, finished the day at $23.46. As of 09.08, the barrel of Brent oil was traded at $24.57, an increase of 4.73 percent compared to the closing. At the same time, West Texas Intermediate (WTI) crude oil was sold at $19.57 per barrel.
It was reported by the US Energy Information Administration (EIA) that there were sharp fluctuations in oil prices this month due to the new type of coronavirus (Covid-19) causing economic contraction around the world and the OPEC + group, consisting of the Organization of Petroleum Exporting Countries (OPEC) and its allies, unable to decide on a production cut.
The news that “Russian President Vladimir Putin and US President Donald Trump reached an agreement to establish a dialogue between the US and Russia in the field of energy” was also effective in the rise of global oil prices. Experts state that the markets continue to expect concrete steps from 3 countries, including Saudi Arabia, on this issue.
On the other hand, the negative effects of Covid-19 and excess supply continue to put downward pressure on oil prices, which have fallen to their lowest levels in 18 years.
It is stated that technically, the range between 27.06 and 27.36 dollars in Brent oil can be viewed as resistance, and the range between 26.76 and 26.46 dollars can be viewed as support zone.
Source: https://www.aa.com.tr/tr/ekonomi/-brent-petrolun-varili-24-57-dolar/1785877
