The barrel price of Brent oil, which dropped to $45.25 yesterday, finished the day at $45.44. The barrel of Brent oil was traded at $45.47 as of 09.42 today, with an increase of 0.06 percent compared to the closing. At the same time, West Texas Intermediate (WTI) crude oil was sold at $42.32 per barrel.
Sharp declines in crude oil stocks in the USA support the upward movement in prices. US commercial crude oil stocks decreased sharply last week, decreasing by 7.4 million barrels compared to the previous week. Market expectation was that stocks would decrease by 3 million barrels.
In addition, the decline of the US dollar against other currencies in the global market also supports the rise in prices.
On the other hand, the increasing number of new types of coronavirus (Covid-19) cases around the world and concerns about the decline in global economic growth are suppressing the rise in prices.
It is stated that technically, for Brent oil, the range between 45.64 and 45.76 dollars can be viewed as resistance, and the range between 45.31 and 45.10 dollars can be viewed as a support zone.
Source: https://www.aa.com.tr/tr/ekonomi/brent-petrolun-varili-45-47-dolar/1933186
