Barrel Price Of Brent Oil Is On The Rise

Barrel price of Brent Oil is on the rise on april 20. Today, a barrel of Brent oil in global markets is trading at $ 67.73.

The barrel of Brent oil, which reached the level of $ 67.23 on the first trading day of the week, closed the day at $ 67.05. The barrel of Brent oil, which increased by 1.01 percent at 09:49 am today, is trading at $ 67.73. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 64.06. The fall in the value of the US dollar against other currencies played a role in the increase in oil prices. The US dollar index, which measures the value of the dollar against other currencies, fell to $ 90,858 with a 0.20 percent depreciation today, recording its lowest level after March 4. On the supply side, the Libyan National Petroleum Corporation's announcement that the crude oil loading operations were suspended as of April 19 due to force majeure at the Port of Tobruk and that the crude oil production in the country will decrease by 280 thousand barrels per day, which is effective in the increase of prices in the market that is concerned about demand. In the oil markets, the stock data to be announced by the American Petroleum Institute (API) will be monitored today. If the data shows that there is a decrease in stocks, the prices are expected to rise with the perception that the demand in the country has started to increase. In addition, the number of coronavirus (Covid-19) cases in India, the world's third largest oil consumer, continue to put pressure on oil prices by negatively affecting expectations for improvement in demand. In technical terms, it is stated that in Brent oil, the range of $ 67.92 and $ 68.14 can be followed as the resistance zone and the range of $ 67.70 and $ 67.48 as the support zone.