Barrel Price of Brent Oil Continues to Rise

Barrel price of Brent oil continues to rise. A barrel of Brent oil traded at $ 54.67 in global markets today. The barrel price of Brent oil, which saw $ 54.86 on Thursday, closed at $ 54.38. At around 9:26 am today, a barrel of Brent oil increased by 0.53 percent and traded at $ 54.67. At the same time, West Texas type (WTI) crude oil traded at $ 51.11 a barrel. Saudi Arabia announced its the decision to cut the production of 1 million barrels per day in February and March on Tuesday after the meeting of the OPEC+ group consisting of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, which raised the oil prices. In addition, according to unofficial results in the second round of Senate elections held in the US state of Georgia, the win of the Democratic candidates and the registration of Joe Biden's presidency increased the expectations for a new stimulus package and affected the price increase. On the other hand, the start of new quarantine applications due to the increase in the number of cases in the coronavirus (Covid-19) epidemic has created concerns that global oil demand will decrease and suppressed the rise of prices. In technical terms, it was stated that the range of 54.88 to 55.84 dollars could be followed as the resistance zone and the range of 53.92 to 52.96 dollars as the support zone in Brent oil.