Brent Oil Hovered Above $38

Brent Oil Hovered Above $38 Brent oil has hovered above $38 a barrel. Today, a barrel of Brent oil in global markets traded at $ 38.91. The barrel price of Brent oil, which dropped to $ 36.13 yesterday, closed the day at $ 38.97. The barrel price of Brent oil, which fell 0.15 percent compared to the close at 09.38 today, traded at $ 38.91. At the same time, West Texas type (WTI) crude oil traded at $ 36.80 a barrel. With the increase in the number of coronavirus (Covid-19) cases all over the world and the start of quarantine practices in European countries, prices were suppressed with the concern that global oil demand will decrease. In addition, the concerns over supply caused by the resumption of production in Libya in the markets also support the decrease in prices. On the other hand, the positive expectation in international oil markets that the current amount and duration of oil production cuts imposed by the Organization of Petroleum Exporting Countries (OPEC) and the OPEC + group, which consists of some non-OPEC producer countries, is preventing further decline in prices. In technical terms, it is said that the range of 38.91 to 38.98 dollars can be followed as resistance and the range of 38.84 to 38.77 dollars can be followed as the support zone.