Brent Oil Price Begins to Fall

Brent Oil Price Begins to Fall Brent oil price begins to fall. In global markets today, brent oil traded at $ 41.09 a barrel. The barrel price of Brent oil, which dropped to $ 40.43 on Tuesday, closed the day at $ 41.56. At around 09.11 today, the barrel price of Brent oil decreased by 1.13 percent compared to the closing and traded at $ 41.09. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 38.92. The increase in the number of new type of coronavirus (Covid-19) cases worldwide has led to a decrease in global oil demand and thus excess supply. As a result, oil prices started to decline. According to the data on crude oil, gasoline and distilled fuel stocks in the USA announced by the American Petroleum Institute, the country's commercial crude oil stocks were expected to increase by 1.4 million barrels, but a decrease of 831 thousand barrels was recorded. In addition, the uncertainty regarding the incentives to be given under the Coronavirus (Covid-19) pandemic in the USA continues to suppress prices. In technical terms, it is said that the range of $ 41.21 and $ 41.37 can be followed as the resistance zone and the range of $ 41.05 and $ 40.89 can be followed as the support zone in Brent oil.