Brent Oil Hits Above $ 63 A Barrel

Brent oil hits above $ 63 a barrel on March 29. Today, a barrel of Brent oil is traded at $ 63.30 in global markets.

The barrel price of Brent oil, which reached the level of $ 64.89 on the last trading day of the last week, closed the day at the level of 64.57. The barrel of Brent oil, which decreased 1.96 percent compared to the closing at 09:19 today, traded at $ 63.30. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 59.73. The success of the efforts to float the stranded ship on the Suez Canal played a role in the decline in oil prices. The expectation that the current production cuts will be maintained at the meeting on April 1, which the OPEC+ group will hold to discuss the amount of cuts to be applied as of May, puts a barrier to the downward movement of prices. At the 14th Ministerial Meeting, where the energy and oil ministers of 23 OPEC+ member countries came together on March 4, it was agreed that non-OPEC countries, Russia and Kazakhstan, would increase oil production in April due to seasonal reasons, while it was decided that other member countries would continue their current production cuts in April. In addition, the risk of mutation and new wave concerns in the coronavirus (Covid-19) epidemic made it inevitable to take new measures in many countries, especially in European countries. This situation negatively affects the expectations for a recovery in demand and causes pressure on oil prices. In technical terms, it is stated that in brent oil, the range of 63.35 to 63.58 dollars can be followed as the resistance zone and the range of 62.95 to 62.78 dollars as the support zone.