The barrel price of Brent oil, which rose to $36.98 yesterday, finished the day at $36.06. As of 09.22 today, a barrel of Brent oil was traded at $34.70, a decrease of 3.77 percent compared to the closing. At the same time, West Texas Intermediate (WTI) crude oil was sold at $32.23 per barrel.
Concerns about China’s removal of economic growth targets and its new security law are effective in the decline in global oil prices.
Negative expectations about global economic growth also pressure global oil prices.
Experts state that the negative effects of the new type of coronavirus (Covid-19) epidemic, which has affected the whole world despite the cuts in oil production of the Organization of Petroleum Exporting Countries (OPEC) and collaborating non-OPEC countries, on oil demand constitute the biggest obstacle to the recovery of prices in the medium term. .
It is stated that technically, the range between 36.77 and 38 dollars in Brent oil can be watched as resistance, and the range between 35.54 and 34.31 dollars can be watched as support zone.
Source: https://www.aa.com.tr/tr/ekonomi/brent-petrolun-varili-34-70-dolar/1849880
