Brent Oil Starts The Week Over $42

Brent Oil Starts The Week Over $42 Brent oil starts the week at over $42. Today, in global markets, brent oil traded at $ 42.05 a barrel. The barrel price of Brent oil, which dropped to $ 41.52 on the last trading day of last week, closed the day at $ 42.92. At around 09.25 today, the barrel of Brent oil decreased by 2 percent compared to the closing and traded at $ 42.05. At the same time, West Texas type (WTI) crude oil traded at $ 39.91 a barrel. The increase in new types of coronavirus (Covid-19) is suppressing prices due to weakening the demand for oil. The number of oil drilling rigs, which are considered as an indicator for the short term crude oil production of the USA, increased by 4 last week compared to the previous week. Accordingly, it is estimated that crude oil production will also increase and will contribute to the increase in the excess supply in the oil market, which has a demand problem. In addition to these, although the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC oil producing countries decided to cut production, OPEC member Iran continued to produce more and Libya started to export oil after 8 months and reached the market with an average of 1 million barrels. oil supply pressures prices. In Brent oil, the resistance is between $ 42.38 and $ 42.56; It is stated that the range of $ 41.98 and $ 41.80 can be followed as a support zone.