Brent Oil Price on the Rise

The price of Brent oil is on the rise after the coronavirus epidemic. Brent oil's barrel traded at $ 42.86, up 2.41 on the first business day of the week. The price of barrels of Brent oil began trading on international markets at $ 42.86 on the first day of the week. The price of barrels of Brent oil, which reached the level of $ 42.50 yesterday, closed the day at 41.85. Brent oil barrels were traded at $ 42.86 today, rising by 2.41 percent compared to closing at 09.31. In the same minutes, the West Texas crude oil (WTI) found buyers at $ 40.41 a barrel.

Oil Cut Agreement Extended

According to the decision made between the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC oil producer countries on June 6-7, the daily 9.7 million barrel oil cut agreement will be extended until the end of July.

US Oil Drilling Rigs Down for 16 Weeks

According to information from weekly data released by the oilfield service company Baker Hughes, the number of oil drilling rigs in the US decreased by 16 more in the week of 30 May - 5 June compared to the previous week, to 206. While the number of oil drilling rigs in the USA decreased for 12 consecutive weeks, a total of 477 oil drilling rigs were lost during this period. Brent oil is technically stated that the range of $ 43.71 to $ 44.81 can be traced as a resistance zone, and the range of $ 42.61 to $ 41.51 as a support zone.