Brent Oil Continues to Decline

Brent Oil Continues to Decline Brent oil continues to decline. A barrel of Brent oil was traded at $ 44.09 in global markets today. The barrel price of Brent oil, which rose to $ 44.80 on Wednesday, closed the day at $ 44.34. At around 09:23 today, the barrel of Brent oil, which fell 0.56 percent compared to the closing, traded at $ 44.09. At the same time, West Texas type (WTI) crude oil was traded at $ 41.65 a barrel. According to a statement made by the US Energy Information Administration, commercial crude oil stocks in the USA rose by 800 thousand barrels last week to 489.5 million barrels. Consequently, there was an over-supply concern in global oil markets and a slight decrease was observed in prices. On the other hand, the increasing number of cases in the coronavirus epidemic and the quarantines applied in European countries, especially, are pushing prices down due to the concern that global oil demand will decrease. In addition, the expectation that the agreement implemented by the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries will extend the duration of the production cut agreement puts a slight barrier to the decline in prices. In technical terms, it is stated that in Brent oil, the range of $ 44.17 and $ 44.35 can be followed as resistance, and the range of $ 43.99 and $ 43.81 can be followed as a support zone.