Brent Oil Exceeds $ 40 A Barrel

Brent Oil Exceeds $ 40 A Barrel Brent oil exceeds $ 40 a barrel. In global markets today, brent oil traded at $ 41.54 a barrel. The barrel price of Brent oil, which dropped to $ 40.63 yesterday, closed the day at $ 42.22. At around 9:19 am today, the barrel of Brent oil decreased by 1.61 percent compared to the closing and found buyers at $ 41.54. At the same time, the barrel of West Texas type (WTI) crude oil traded at $ 39.47. As prices began to drop, the hurricane that hit the Gulf of Mexico for the second time in less than a month lost its effect, and energy companies began to return to their production on the offshore oil platforms they had suspended. In addition, the second wave rush in the new type of Coronavirus (Covid-19) epidemic increases the demand anxiety in the markets and affects the price decrease. In addition to these, a decrease in crude oil stocks in the USA contrary to market predictions alleviates the downward pressure on prices. Crude oil stocks decreased by 4.4 million barrels last week compared to the previous week, according to data released yesterday by the US Energy Information Administration (EIA). The Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC countries will hold a meeting today to discuss the OPEC + oil market. Experts on the subject noted that the organization is unlikely to suggest further cuts in production despite the decline in oil prices. The resistance of Brent oil between 41.82 and 42.02 dollars; It was said that the range of $ 41.81 and $ 41.93 can be followed as the support zone.