Brent Oil Reached Over $ 45 A Barrel

Brent Oil Reached Over $ 45 A Barrel

Brent oil saw over $ 45 a barrel. In global markets, brent oil traded at $ 45.11 a barrel. The barrel price of Brent oil, which dropped to the level of 44.82 dollars yesterday, started to rise with the reaction purchases from this level and closed the day at 44.96 dollars. Brent oil's barrel rose 0.3 percent from closing at around 09.02 today and traded at $ 45.11. At the same time, West Texas type (WTI) crude oil traded at $ 42.38 a barrel. The optimistic expectations that the world economies, especially the USA and China, may recover faster than expected contribute to the rise in prices. On the other hand, the increasing number of Coronavirus (Covid-19) cases worldwide suppresses crude oil prices. The decline in crude oil stocks in the USA limits the fall in prices. US commercial crude inventories decreased by 4.5 million barrels last week compared to the previous week. The market expectation was that stocks would decrease by 2.9 million barrels. Technically, the resistance of Brent oil between 45.17 and 45.20 dollars; It is reported that the range of $ 45.08 and $ 45.04 can be followed as the support zone.