The barrel price of Brent oil, which fell as low as 39.31 dollars yesterday, ended the day at 39.78 dollars. The barrel of Brent oil was traded at $ 39.67, down 0.27 percent compared to the closing as of 09.07 today. In the same minutes, West Texas (WTI) crude oil was traded at $ 36.65 a barrel.
The sharp decline in Brent oil prices was driven by concerns that the new type of coronavirus outbreak would increase its impact worldwide.
The decision of Saudi Aramco, the national oil company of Saudi Arabia, the leader of the Organization of Petroleum Exporting Countries (OPEC), to reduce its sales to Asia and the US also increased investors’ concerns.
The dollar index started to rise again after last week’s downward trend, which also put downward pressure on oil prices.
It is stated that technically, the range of 39.68 to 39.73 dollars can be followed as resistance and the range of 39.57 to 39.52 dollars as support zone in Brent oil.
Source: https://www.aa.com.tr/tr/ekonomi/brent-petrolun-varili-39-67-dolar/1967344
