Barrel Price of Brent Oil Drops on October 28

Barrel Price of Brent Oil Drops on October 28 Barrel price of Brent Oil drops on October 28. Today, a barrel of Brent oil traded at $ 40.98 in global markets. The barrel price of Brent oil, which rose to $ 41.78 on Tuesday, closed the day with a level of $ 41.61. At 09.22 today, the barrel of Brent oil, which decreased by 1.51 percent compared to the closing, traded at $ 40.98. At the same time, West Texas type (WTI) crude oil traded at $ 38.81 a barrel. The American Petroleum Institute's estimation of an increase of approximately 4.6 million barrels in the commercial crude oil stocks of the USA raised the concerns over supply in the global market and contributed to the decrease in prices. In addition, the resumption of Libya also supports the decrease in prices with the concern that excess supply will occur. On the other hand, the rapid spread of new coronavirus (Covid-19) cases around the world supports the decrease in prices with the idea that 'global oil demand will continue to remain weak'. In addition, with the impact of the Zeta hurricane in the USA in the Gulf of Mexico, the cessation of the activities of the energy companies in the offshore oil and natural gas platforms in the region prevents the price decrease, albeit a little. In technical terms, it is said that the range of $ 40.97 and $ 41.08 can be followed as the resistance zone in Brent oil, and the range of $ 40.86 and $ 40.75 can be followed as the support zone.