Brent Oil Started The Week Above $ 62

Brent oil started the week above $ 62 on April 12. Today, a barrel of Brent oil is trading at $ 62.62 in global markets.

The barrel of Brent oil, which reached the level of 63.49 dollars on the last trading day of last week, finished the day at the level of 62.95 dollars. Barrel of Brent oil, which decreased by 0.52 percent compared to its closing at 10:10 am today, is trading at $ 62.62. At the same time, the barrel of West Texas type (WTI) crude oil is trading at $ 58.99. Oil prices are mixed due to the rapid increase in coronavirus (Covid-19) cases worldwide and the perception that the economy of the USA, the world's largest oil consumer, is showing a strong recovery. Mutation risk and new wave concerns that oblige new measures in many countries put pressure on oil prices by negatively affecting expectations for recovery in demand. On the other hand, the statements of US Federal Reserve (FED) Chairman Jerome Powell about the US economy reflect positively on the markets and support the upward trend in oil prices. Speaking yesterday, Powell stated that the US economy is at a "turning point", saying that they expect the economy to grow much faster and employment to accelerate. Pointing out that the outlook has improved significantly, Powell warned that the risk of the re-spread of the Covid-19 outbreak continues to be a threat. In addition, the OPEC + group's decision to gradually increase daily oil production for May, June and July, taken on April 1, continues to have an impact on prices, fueling oversupply concerns. In technical terms, it is stated that the range of 62.79 to 63.01 dollars can be followed as resistance and the range of 62.57 to 62.35 dollars can be followed as the support zone in Brent oil.