Brent Oil Rises Above $ 40

Brent Oil Rises Above $ 40 Brent oil rises above $ 40. A barrel of Brent oil traded at $ 40.45 in global markets today. The barrel price of Brent oil, which dropped to $ 39.64 on Wednesday, closed the day at $ 41.23. At around 9:43 am today, the barrel of Brent oil decreased by 1.89 percent compared to the closing and traded at $ 40.45. At the same time, West Texas type (WTI) crude oil traded at $ 38.41 a barrel. The continuing uncertainty about the results of the US presidential election is putting pressure on oil prices. Democratic advocate Joe Biden's appearance lowers the likelihood of a strong stimulus package for the pandemic, raising concerns in markets such as tackling climate change and easing sanctions on oil producer Iran. In addition, the increase in the number of coronavirus (Covid-19) cases all over the world also negatively affects prices due to the concern that global oil demand will decrease. On the other hand, the positive expectation in international oil markets that the Organization of Petroleum Exporting Countries (OPEC) and the OPEC + group, which consists of some non-OPEC producer countries, will keep the amount of oil production cut at the current level, prevents the prices from falling excessively. In technical terms, it is said that the range of $ 40.45 and $ 40.47 can be followed as the resistance zone and the range of $ 40.43 and $ 40.41 can be followed as the support zone in Brent oil.