Brent Oil Is Above $ 55 A Barrel

Brent oil is above $ 55 a barrel on January 26. A barrel of Brent oil traded at $ 55.27 in global markets today.

The barrel price of Brent oil, which reached the level of $ 56.02 on the first trading day of the week, closed the day at $ 55.68. The barrel of Brent oil, which decreased 0.74 percent compared to the closing at 09:57 am today, traded at $ 55.27. At the same time, the barrel of West Texas type (WTI) crude oil traded at $ 52.40. In the new type of coronavirus (Covid-19) epidemic, the increase in global re-incidents and casualties strengthens the thoughts that oil demand will remain weak. The number of coronavirus cases, which is approximately 100 million worldwide, the tightening of existing measures, the implementation of new travel restrictions in Europe and the disruptions in vaccine supply create price pressure in the commodity markets. The number of cases that exploded again, especially in China, the world's largest crude oil importer, brought new measures to the agenda. The fact that people will go into quarantine in their homes is driving China's fuel demand to decrease. In addition to these, the uncertainty regarding the $ 1.9 trillion financial stimulus package expected to be introduced to the market in the US continues to put pressure on oil prices. US President Joe Biden, as one of his first actions, made a travel ban for non-US citizens who is travelling to the US from the Schengen area, England, Ireland, Brazil and South Africa yesterday as part of combating the coronavirus epidemic. In technical terms, it was stated that the range of $ 55.67 and $ 56.18 could be followed as the support zone, and the range of $ 55.16 and $ 54.65 could be followed as resistance zone in brent oil.