Brent oil is $44.14 a barrel

The barrel price of Brent oil, which rose to $44.89 yesterday, finished the day at $44.32. The barrel of Brent oil was traded at $44.14 as of 09.24 today, with a 0.4 percent decrease compared to the closing. At the same time, West Texas Intermediate (WTI) crude oil was sold at $41.73 per barrel.

The European Union (EU) leaders’ agreement yesterday on the 750 billion euro rescue package prepared to combat the economic consequences of the new type of coronavirus (Covid-19) epidemic gave positive signals that the European economy would revive and oil consumption on the continent would increase.

In addition, yesterday, the International Dollar Index, which measures its value against 6 other currencies including the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc, fell to its lowest level since March 9, at $95.05. It increased the demand for oil and caused an increase in prices.

Yesterday, the barrel price of Brent type crude oil completed the day with a 2.4 percent gain, and the barrel price of WTI type crude oil ended the day with a 2.8 percent increase.

However, the American Petroleum Institute’s estimate of an increase of approximately 7.5 million barrels in US commercial crude oil stocks brought concerns about overstock in the global market and led to a decline in prices again today.

On the demand side, the increase in Covid-19 cases around the world continues to negatively affect global economic growth and oil consumption forecasts.

According to Johns Hopkins University data, while the number of cases worldwide has exceeded 14.9 million, the USA ranks first with 3.9 million cases. This country is followed by Brazil with the number of cases exceeding 2.1 million and India with the number of cases approaching 1.2 million.

It is stated that technically, the range between 44.18 and 44.23 dollars in Brent oil can be viewed as resistance, and the range between 44.08 and 44.01 dollars can be viewed as support zone.

Source: https://www.aa.com.tr/tr/ekonomi/brent-petrolun-varili-44-14-dolar/1918276

karaaslannarin

Announcements
06/12/2023
06/12/2023
06/12/2023
06/12/2023
06/12/2023
06/12/2023
06/12/2023
06/12/2023
06/12/2023
06/12/2023
06/12/2023
06/12/2023