Barrel Price of Brent Oil Decreased

Barrel price of Brent oil decreased on February 10. A barrel of Brent oil traded at $ 60.99 in global markets today.

The barrel price of Brent oil, which reached the level of $ 61.34 on Tuesday, closed the day at $ 61.22. The barrel price of Brent oil, which decreased by 0.38 percent compared to the closing at 09:37 am today, traded at $ 60.99. At the same time, West Texas type (WTI) crude oil was traded at $ 58.23 a barrel. In the new type of coronavirus (Covid-19) epidemic, the expected success could not be achieved despite the vaccine studies and the concern that the new restrictions imposed would decrease the demand for oil was reflected in a decrease in prices. On the other hand, contrary to expectations, the decrease in commercial crude oil stocks of the USA, the world's largest oil consumer, created the perception that the demand in the country was getting stronger and to some extent prevented the price decline. According to the estimation announced by the American Petroleum Institute yesterday, the commercial crude oil stocks of the USA decreased by approximately 3 million 500 thousand barrels compared to the previous week. The market expectation was that the stocks would increase by approximately 1 million 340 thousand barrels. In addition, the production cut imposed by the OPEC+ group, which consists of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, balances supply and demand in the oil market where demand is low due to the measures taken to combat the coronavirus epidemic and supports the rise of prices. In technical terms, it is stated that the range of $ 61.18 and $ 61.63 in brent oil can be followed as the resistance zone and the range of $ 60.73 and $ 60.28 as the support zone.