Brent oil is 42.11 dollars a barrel

The barrel price of Brent oil, which rose to $42.34 on Friday, finished the day at $42.23. The barrel of Brent oil was traded at $42.11 as of 09.27 today, with a 0.3 percent decrease compared to the closing. At the same time, West Texas Intermediate (WTI) crude oil was sold at $39.70 per barrel.

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

On the demand side, the steps taken by the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC oil producing countries to ensure that members fully comply with the production cut amounts are seen as an important development that will reduce the excess supply in the global market.

According to weekly data published by oil field service company Baker Hughes, the number of oil drilling rigs in the USA decreased by 10 to 189 in the week of June 13-19 compared to the previous week. The number of oil rigs in the USA decreased for 14 consecutive weeks, decreasing by a total of 494 during this period.

It is stated that technically the range between 42.20 and 42.30 dollars can be viewed as resistance and the range between 42.01 and 41.90 dollars can be viewed as support zone for Brent oil.

Source: https://www.aa.com.tr/tr/ekonomi/brent-petrolun-varili-42-11-dolar/1885335

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