Brent Oil Hits Above $ 53

Brent Oil Hits Above $ 53 Brent oil hits above $ 53 on January 6. Today, a barrel of Brent oil traded at $ 53.88 in global markets. The barrel price of Brent oil, which rose as high as $ 53.80 on Tuesday, closed the day at $ 53.60. At around 9:22 am today, the barrel of Brent oil increased by 0.52 percent and traded at $ 53.88. At the same time, West Texas type (WTI) crude oil traded at $ 50 a barrel. On Tuesday, at the 13th Ministerial Meeting where the Organization of Petroleum Exporting Countries (OPEC) and the OPEC + group consisting of some non-OPEC producer countries came together, an agreement was reached for Russia and Kazakhstan to increase oil production in February and March due to seasonal reasons, while for the other member countries it was decided to maintain the current production levels. At the press conference held after the meeting, Saudi Arabia's Energy Minister Abdulaziz bin Salman stated that Saudi Arabia will voluntarily cut an additional 1 million barrels per day in production in February and March in order to support the economies and energy markets of the member countries. Saudi Arabia's unexpected decision played a big role in the increase of the prices. On the other hand, the decline in the US's commercial crude oil stocks strengthened the perception that oil demand is rising and supported the rise in prices. The start of new quarantine practices, especially in European countries, on the way to combat the new type of coronavirus (Covid-19) epidemic, suppressed the rise of prices with the concern that oil demand will decrease. In technical terms, it was stated that the range of $ 53.94 and $ 54.07 could be followed as the resistance zone and the range of $ 53.81 and $ 53.68 as the support zone in Brent oil.