Barrel Price Of Brent Oil Declined On April 22

Barrel price of Brent Oil declined on April 22. Today, a barrel of Brent oil is trading at $ 64.87 in global markets.

The barrel of Brent oil, which reached the level of $ 65.24 on Wednesday, closed the day at $ 65.32. The barrel of Brent oil, which decreased by 0.68 percent compared to the closing at 09:23 am today, is trading at $ 64.87. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 60.96. The increase in the commercial crude oil stocks of the USA, the world's largest oil consumer, played a role in the decline in oil prices. According to the data released by the US Energy Information Administration (EIA), the commercial crude oil stocks of the USA increased by 600 thousand barrels last week compared to the previous week. The market expectation was that there would be a decrease of approximately 2 million 800 thousand barrels. On the other hand, concerns that the increase in coronavirus (Covid-19) cases in countries such as Japan, the world's third largest oil importer and India, the world's third largest oil consumer, will adversely affect the global economic recovery and oil demand accelerated the price decline. Experts warn that the health system is at the "collapse point", stating that the occupancy rates in hospitals have seen the highest levels in India, where 314,835 new cases have been detected in the last 24 hours and the total number of cases has reached 15 million 930 thousand 774. In Japan, Prime Minister Yoshihide Suga announced that they are planning to declare a state of emergency against the increasing cases in Tokyo, Osaka and Hyogo regions. Markets turned their attention to the OPEC+ group meeting on April 28 and discuss the amount of cuts they will implement as of May. The group decided to gradually increase its daily oil production for May, June and July at its meeting held on April 1. In technical terms, it was stated that the range of $ 65.32 and $ 65.57 could be followed as a resistance zone and the range of $ 64.74 and $ 64.41 as a support zone in Brent oil.