Brent Oil Hovered Above $ 62 A Barrel

Brent oil has hovered above $ 62 a barrel on March 2. Today, a barrel of Brent oil is traded at $ 62.92 in global markets.

The barrel price of Brent oil, which reached the level of $ 65.93 on the first trading day of the week, closed the day at $ 63.69. The barrel of Brent oil, which decreased by 1.2 percent compared to the closing at 09:48 am today, traded at $ 62.92. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 59.95. Expectations that the group will increase the total production amount by 500 thousand barrels a day played a major role in the decline in oil prices, at the meeting on March 4, when the OPEC + group, which consists of the Organization of etrol Exporting Countries (OPEC) and some non-OPEC producer countries, will determine the amount of cuts to be applied as of April. In addition, at the meeting, the thought that Saudi Arabia will give up the 1 million barrel production cut voluntarily implemented also supported the downward pressure on prices. On the other hand, investors turned their eyes to the weekly forecast of the US commercial crude oil stocks, which will be announced today by the American Petroleum Institute. In addition, the decrease in the number of cases in the coronavirus (Covid-19) epidemic and the gradual relaxation of the tight measures taken around the world prevented the prices from falling further. In technical terms, it was stated that the range of 62.98 and 63.12 dollars could be followed as the resistance zone and the range of 62.70 and 62.56 dollars as the support zone in Brent oil.