Brent Oil Hits Above $42 A Barrel

Brent Oil Hits Above $42 A Barrel Brent oil hits above $42 a barrel. Today, in global markets, brent oil traded at $ 42.27 a barrel. The barrel price of Brent oil, which rose up to $42.66 on Thursday, closed the day at $42.46. At around 10.08 today, the barrel price of Brent oil decreased by 0.44 percent compared to the closing and traded at $ 42.27. At the same time, West Texas type (WTI) crude oil traded at $ 40.40 a barrel. The increase in the number of new types of coronavirus (Covid-19) cases in Europe and the USA has been effective in the decrease in oil prices. With the thought that the rapid increase in the cases will reduce the demand for oil, oil prices are being pressured downwards. In addition, Russian President Vladimir Putin's statement that the oil production cuts imposed by the Organization of Petroleum Exporting Countries (OPEC) and its allies could be extended by the OPEC + group prevents the price decline, albeit a little. In technical terms, it is said that the range of $ 42.69 and $ 42.78 can be followed as the resistance zone in brent oil, and the range of $ 41.94 and $ 41.69 can be followed as the support zone.