Brent oil is $39.80 a barrel

The barrel price of Brent oil, which rose to $39.90 yesterday, finished the day at $39.72. As of 09.27 today, the barrel of Brent oil was traded at $39.80, with an increase of 0.2 percent compared to the closing. At the same time, West Texas Intermediate (WTI) crude oil was sold at $37.13 per barrel.

The positive expectations created by the financial markets regarding the economy, which were stimulated by the US Federal Reserve’s announcement that it would start purchasing company shares, were effective in the rise of global oil prices.

Production cut decisions of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC oil producing countries also cause prices to rise.

Concerns that the possibility of a second wave in the new type of coronavirus (Covid-19) epidemic may negatively affect global economies continue to pressure prices.

Today, the International Energy Agency’s monthly oil market report containing May data will be followed.

It is stated that technically the range between 40.66 and 43.32 dollars can be viewed as resistance and the range between 38 and 35.31 dollars can be viewed as support zone for Brent oil.

Source: https://www.aa.com.tr/tr/ekonomi/brent-petrolun-varili-39-80-dolar/1878335

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