Brent Oil Barrel Traded Over $ 42

Brent Oil Barrel Traded Over $ 42

On the first working day of the week, the barrel of brent oil began trading at $ 42.88 in global markets. Brent oil's barrel reached $ 43.45 on Friday; then he finished the day at $ 43.14. Today, the barrel of brent oil decreased by 0.6 percent compared to the closing at 09.05 and traded at $ 42.88. At the same time, West Texas type (WTI) crude oil was traded at $ 40.52 a barrel. Cases began to increase again in the new type of coronavirus (Covid-19) pandemic, which has not yet lost its effect. Therefore, the forecasts for global economic growth and oil demand began to vary. While the said situation increases the possibility of weakening of oil consumption in the second half of 2020; it also increases the pressure on prices. Brent oil technically resists in the range of $ 42.91 to $ 42.99; The range of $ 42.83 and $ 42.75 is said to be tracked as a support zone.