Barrel Price of Brent Oil is $ 42.11
On the first day of the week, the barrel price of brent oil traded at $ 42.11 on the global market.
The barrel price of brent oil, which rose to $ 42.34 on Friday, closed the day at $ 42.23. Today, as of 09.27, barrels of Brent oil decreased by 0.3 percent compared to the closing date. At the time, while the barrel of brent oil was trading at $ 42.11, the barrel price of West Texas type (WTI) crude oil was trading at $ 39.70.
In the Coronavirus (Covid-19) outbreak, which affects the whole world, the possibility of a second wave is alarming the markets. Concern for a second coronavirus wave causes a downward pressure on oil prices.
On the other hand, the moves of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC oil production countries regarding the full compliance of the members in the production interruption amounts are perceived as a development that may decrease the excess supply in the international market.
According to weekly data released by Baker Hughes, the US oil rig continues to decline. In the week of June 13-19, the number of US oil sondej towers, which decreased by 10 compared to the previous week, dropped to 189. The number of US oil drilling rigs, which fell 14 weeks in a row, dropped a total of 494 during the period in question.
Technically, it is said that the range of $ 42.20 to $ 42.30 in brent oil can be monitored as a resistance zone and the range of $ 42.01 to $ 41.90 as a support zone.