Brent Oil Crused Above $40 on November 6

Brent Oil Crused Above $40 on November 6 Brent oil crused above $40 on November 6. Today, a barrel of Brent oil traded at $ 40.05 in global markets. The barrel price of Brent oil, which dropped to $ 40.39 on Thursday, closed the day at $ 40.93. Today at 9:42am, a barrel of Brent oil, which decreased by 2.15 percent compared to the closing, traded at $ 40.05. At the same time, the barrel of West Texas type (WTI) crude oil traded at $ 37.91. With the coronavirus (Covid-19) cases escalating all over the world and the start of quarantines, especially in European countries, the concern that global oil demand will decrease. Accordingly, oil prices moved downwards. In addition, the fear of excess supply in Libya, excluding the production cut agreement imposed by the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, and the concern of increased production in Libya and the lack of a change that will keep the markets at the current level despite expectations on the OPEC + front. In technical terms, it was noted that the range of $ 39.96 and $ 40.14 could be followed as the resistance zone and the range of $ 39.78 and $ 39.60 as the support zone in Brent oil.