Brent Oil Hovered Above $ 61 A Barrel

Brent oil hovered above $ 61 a barrel on March 24. Today, a barrel of Brent oil is traded at $ 61.39 in global markets.

The barrel price of Brent oil, which reached the level of $ 64.30 on Tuesday, found buyers at $ 60.79. The barrel of Brent oil, which increased by 0.99 percent compared to the closing at 09:32 am today, traded at $ 61.39. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 58.25. As part of the fight against the coronavirus (Covid-19) epidemic, brent oil lost 5.93 percent due to concerns about oil demand, especially in European countries, while West Texas type (WTI) crude oil was hard with 6.16 percent depreciated in some way. Oil analysts stated that investors' starting to buy in order to take advantage of low oil prices created a slight increase in prices. However, despite this, the risk of mutation and third wave concerns in the coronavirus epidemic cause new measures to be taken in many countries, especially in Europe, and strengthen concerns that oil demand will decrease. On the other hand, the increase in commercial crude oil stocks in the USA, the world's largest oil consumer, strengthens the perception that demand has started to decline, which also supports the flat course in prices. According to the estimates of the American Petroleum Institute, the US 'commercial crude oil stocks increased by 2 million 927 thousand barrels last week compared to the previous week. The market expectation was that the stocks would increase by approximately 900 thousand barrels. Official oil stock data of the US Energy Information Administration will be released today. In technical terms, it is stated that the range of 63.31 and 67.34 dollars can be followed as the resistance zone and the 59.28 to 55.25 dollars range can be followed as the support zone in Brent oil.