Price Of Barrel Of Brent Oil Rises

As a result of the decision to extend the oil production cut at the OPEC meeting, the price of barrels of Brent oil started to rise. The price of barrels of Brent oil is trading at $ 39.80 in international markets. Brent oil price rose to $ 39.90 yesterday but closed the day at $ 39.72. Brent oil price per barrel found buyers at $ 39.80 today, with an increase of 0.2 percent compared to the closing at 09.27. In the same minutes, the price of the barrel of West Texas type (WTI) crude oil was traded at $ 37.13. The positive expectations created by the financial markets regarding the economy, driven by the announcement that the Federal Reserve will start buying company shares, were influential on the rise in global oil prices. The decision to cut oil production after the meeting held by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries causes oil prices to increase. Concerns that the second wave, which is likely to occur in the coronavirus outbreak, may adversely affect global economies, continue to suppress prices. Today, the monthly oil market report covering the May data of the International Energy Agency will be monitored. Brent oil is technically stated that the range of $ 40.66 to $ 43.32 can be followed as a resistance zone and the range of $ 38 to 35.31 as a support zone.