The barrel price of Brent oil, which rose to $30.15 on Friday, finished the day at $29.90. As of 09.38 today, a barrel of Brent oil was traded at $29.91, with an increase of 0.03 percent compared to the closing. At the same time, West Texas Intermediate (WTI) crude oil was sold at $25.56 per barrel.
Concerns that a new wave of coronavirus (Covid-19) epidemic will prevent the recovery of economies are effective in the decline in global oil prices.
According to weekly data published by oil field service company Baker Hughes, the number of oil drilling rigs in the USA decreased by 33 to 292 in the week of May 2-8 compared to the previous week. The number of oil rigs in the USA decreased for 8 consecutive weeks, decreasing by a total of 391 during this period.
Experts point out that the falling number of oil rigs in the USA, the delay in the global economic recovery despite the cuts by the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producers, and concerns that oil demand will not be revived put pressure on global oil prices.
It is stated that technically, the range between 30.76 and 31.03 dollars in Brent oil can be watched as resistance, and the range between 29.65 and 29.52 dollars can be viewed as a support zone.
Source: https://www.aa.com.tr/tr/ekonomi/brent-petrolun-varili-29-91-dolar/1836257
