Brent Oil Reached Above $ 40 Again

Brent Oil Reached Above $ 40 Again   Brent oil reached over $ 40 again. Today, in global markets, brent oil traded at $ 41.08 a barrel. The barrel price of Brent oil, which dropped to $ 39.48 yesterday, closed the day at $ 40.53. Today around 09.10 a barrel of Brent oil increased 1.35 percent and found traded at $ 41.08. At the same time, West Texas type (WTI) crude oil traded at $ 38.86 a barrel. The disruption of US offshore oil and gas production as a result of Hurricane Sally brought about the rise in oil prices. More than 25 percent of offshore oil and gas production was disrupted after the heavy rain hit the US coast due to the hurricane; Export ports in the region were also closed. In addition, according to the projections of the American Petroleum Institute (API), the commercial crude oil stocks of the USA decreased by approximately 9.5 million barrels. The market expectation was that the decrease would be around 2 million barrels. While the decrease experienced means that the demand for oil in the USA has started to increase; It also played a role in the movement of prices. On the other hand, the uncertainty of the point reached in the coronavirus (Covid-19) pandemic continues to suppress prices with the concern it creates in the markets. Commenting on the issue, oil analyst Jose Chalhoub said that while markets fight second-wave concerns, they expect new OPEC decisions. Chalhoub noted:   "The second wave of the coronavirus epidemic started to be effective in Europe, especially in Spain and France. India is among the countries most affected by the second wave. While the concerns that the pandemic course will bring oil prices to the lowest levels again, the markets are focused on the decision to come out of the OPEC meeting to be held on September 17. ''   Also it was reported that the official oil stock data to be announced by the US Energy Information Administration will be monitored in the oil markets today.   In Brent oil, the resistance of the $ 41.20 to 41.31 range; It was stated that the range of $ 40.98 and $ 41.09 could be followed as the support zone.