The barrel price of Brent oil, which rose to $30.11 yesterday, finished the day at $29.63. As of 09.40 today, a barrel of Brent oil was traded at $29.85, with an increase of 0.72 percent compared to the closing. At the same time, West Texas Intermediate (WTI) crude oil was sold at $24.52 per barrel.
Prices are showing a slight recovery trend, as Saudi Arabia announced that it will reduce its production by 1 million barrels in addition to the cuts that started on May 1, and some other producers will make similar cuts.
Countries around the world are trying to revive their economies by relaxing measures to combat the coronavirus (Covid-19) epidemic, which also has a supportive effect on prices.
Oil oversupply continues to prevent prices from rising rapidly
Experts state that the excess oil supply in the market continues to prevent prices from rising rapidly.
The Organization of Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and some non-OPEC crude oil producing countries, led by Russia, started to implement the decision to reduce their daily crude oil production by 9.7 million barrels as of May 1.
It is stated that technically, for Brent oil, the range between 29.94 and 30.16 dollars can be viewed as resistance, and the range between 29.72 and 29.50 dollars can be viewed as support zone.
Source: https://www.aa.com.tr/tr/ekonomi/brent-petrolun-varili-29-85-dolar/1837533
