Barrel Price Of Brent Oil Declined

Barrel Price of Brent oil declined on February 12. A barrel of Brent oil is traded at $60.70 in global markets today.

The barrel price of Brent oil, which rose as high as $ 61.50 on Thursday, closed the day at $ 61.14. The barrel of Brent oil, which decreased by 0.72 percent compared to the closing at 09:30 am today, traded at $ 60.70. At the same time, the barrel of West Texas type (WTI) crude oil is traded at $ 57.80. In addition to the statements of the International Energy Agency (IEA) and the Organization of Petroleum Exporting Countries (OPEC) about the excess supply in the oil market, the concerns that the demand for oil would decrease caused the prices to decrease. The IEA, which published its report yesterday, pointed out that the oil supply has surpassed demand, despite the expectations that vaccination efforts against the new type of coronavirus (Covid-19) epidemic will support the recovery in oil demand. OPEC, on the other hand, announced that oil demand will recover more slowly than the previous forecast, especially in the first half of the year, as the measures taken within the framework of the fight against the epidemic show a weak recovery in transportation fuels. On the other hand, the expectation that the production cuts imposed by the OPEC+ group, which consists of OPEC and some non-OPEC producer countries, will balance supply and demand prevents further decreases in prices. In technical terms, it is stated that in Brent oil, the range of $ 60.82 and $ 60.99 can be followed as a resistance zone, and the range of $ 60.65 and $ 60.48 as a support zone.