Brent Oil on the Rise (November 9)

Brent Oil on the Rise (November 9) Brent oil is on the rise. Today on November 9, a barrel of Brent oil traded at $ 40.38 in global markets. The barrel price of Brent oil, which reached up to $ 40.82 on the last trading day of the past week, closed the day at $ 39.45. Brent oil price, which increased by 2.36 percent compared to the close, at 10.00 today, traded at $ 40.38. At the same time, West Texas type (WTI) crude oil traded at $ 38.05 a barrel. The end of election uncertainty as a result of Democrat candidate Joe Biden winning the US presidential election played a role in rising prices. On the other hand, the coronavirus (covid-19) cases, which have been climbing all over the world, and especially the start of quarantine practices in European countries, cause the concern that 'global oil demand will decrease' and reduce prices. In addition, Libya's resumption of production is contributing to the fall in prices by creating concerns over supply in the global oil market. In technical terms, it is stated that in Brent oil, the range of $ 40.48 and $ 40.57 can be followed as resistance, and the range of $ 40.36 and $ 40 as the support zone.