Brent Oil Exceeded $ 56 a Barrel

Brent oil has exceeded $ 56 a barrel on February 2. A barrel of Brent oil is traded at $ 56.87 in global markets today.

The barrel of Brent oil, which reached the level of $ 56.53 on the first trading day of the week, increased by 0.96 percent compared to the closing at 09.28 today and traded at $ 56.87. At the same time, the barrel of West Texas type (WTI) crude oil is traded at $ 54.10. With the growing perception that the OPEC+ group, which consists of Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, are in full compliance with the production cut committed in January, oil prices started to rise. On the other hand, the decline in the dollar exchange rate and the positive atmosphere regarding the demand outlook also affected the rise in oil prices. In addition, the US President Joe Biden's insistence on the financial stimulus package and the acceleration of the studies, the developments regarding the vaccine supply in Europe created a positive atmosphere in the markets and reflected in the global oil market as a rise. In addition, the decrease in the number of cases and loss of life in the USA was noted. Vanda Insights Founder Vandana Hari said the following on the subject: “Demand expectations have made a sharp "U" turn. The decrease in the number of cases and death rates in the USA played a big role in this.” In technical terms, it was stated that the range of 57.21 and 57.97 dollars in Brent oil can be followed as resistance and the range of 56.45 and 55.69 dollars can be followed as the support zone.