The barrel price of Brent oil, which rose to $34.24 yesterday, finished the day at $33.05. As of 09.58, the barrel of Brent oil was traded at $33.85, with an increase of 2.4 percent compared to the closing. At the same time, West Texas Intermediate (WTI) crude oil was sold at $26.90 per barrel.
Due to the new type of coronavirus (Covid-19) epidemic, global oil demand is expected to decrease by 15-20 million barrels per day. In the global oil markets, the confirmation that the Russia and Saudi Arabia meeting will be held on April 9 increased the prices, albeit slightly.
Experts state that the parties cannot compensate for the decrease in oil demand caused by Covid-19.
Additionally, the partial decline of the US dollar supported oil prices upwards.
It is stated that technically the range between 34.13 and 34.30 dollars can be viewed as resistance and the range between 33.81 and 33.77 dollars can be viewed as support zone for Brent oil.
Source: https://www.aa.com.tr/tr/ekonomi/brent-petrolun-varili-33-85-dolar/1795183
