The barrel price of Brent oil, which rose to $27.85 yesterday, finished the day at $25.48. As of 09.20 today, a barrel of Brent oil was traded at $24.80, a decrease of 2.66 percent compared to the closing. At the same time, West Texas Intermediate (WTI) crude oil was sold at $14.92 per barrel.
While the futures contracts of WTI type crude oil for May in the USA expired today, the barrel price of WTI type oil lost more than 300 percent of its value yesterday, falling to minus 37.63, as the contract holders avoided physical oil delivery.
US President Donald Trump, in his statement yesterday, regarding the drop in crude oil prices in the USA below zero dollars, said, “The reason for this drop is that no one drives a car right now. Factories and workplaces are closed. As the USA, we will buy 75 million barrels of oil for our strategic oil reserves.” “We currently have the capacity to buy 75 million barrels. Now is the time to buy oil.” made his assessment.
Noting that the decline in oil prices is “short-term”, Trump said, “This is a financial situation rather than the state of oil. There is a blockage in the markets, so the prices have fallen. In about 1 month, crude oil prices will see the range of 25-28 dollars.” I am thinking.” he said.
It is stated that technically the range between 25.46 and 25.62 dollars can be viewed as resistance and the range between 24.67 and 24.36 dollars can be viewed as support zone for Brent oil.
Source: https://www.aa.com.tr/tr/ekonomi/brent-petrolun-varili-24-80-dolar/1812461
