Brent Oil Hovered Above $42

Brent Oil Hovered Above $42 Brent oil hovered above $42. A barrel of Brent oil traded at $ 42.52 in global markets today. The barrel price of Brent oil, which dropped to $ 42.19 on Monday, closed the day with $ 42.86. Today at 09.19, the barrel price of Brent oil, which fell 0.23 percent compared to the closing, traded at $ 42.52. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 41.02. The uncertainty regarding the stimulus package planned to be implemented to combat the new type of coronavirus (Covid-19) epidemic in the USA and the increasing coronavirus cases in the USA and Europe have been effective in the decrease in oil prices. While the concerns of the investors remained over supply, Libya resumed production and the daily oil production of the country increased to 500,000 barrels. At the meeting of the energy and oil ministers of the Organization of Petroleum Exporting Countries (OPEC) and the OPEC + group, which consists of some non-OPEC oil producing countries, held yesterday, the commitment to the current agreement was underlined. According to the agreement, as of January 1, OPEC + countries will reduce the oil cut from 7.7 million barrels to 5.8 million barrels per day, which has negatively suppressed oil prices. In technical terms, it was stated that the range of $ 43.12 and $ 43.61 could be followed as the resistance zone in Brent oil, and the range of $ 42.25 and $ 42.01 could be followed as the support zone.