Brent Oil Starts Week Over $42

Brent Oil Starts Week Over $42 Brent oil starts the week at over $42. Today, a barrel of Brent oil traded at $ 42.86 in global markets. The barrel price of Brent oil, which rose up to $ 43.21 on the last trading day of last week, closed the day with $ 42.93. At 09.56 today, the barrel price of Brent oil decreased by 0.16 percent compared to the closing and found traded at $ 42.86. At the same time, West Texas type (WTI) crude oil was traded at $ 41.06 a barrel. The lower than expected growth in China, the world's largest oil importer, played a role in the fall in prices. According to the National Statistical Administration of China, the Chinese economy grew 4.9 percent in the third quarter of this year. Political risk and oil analyst Jose Chalhoub stated that prices were squeezed in the $ 40-42 range due to the second wave of concerns in the new type of Coronavirus (Covid-19) epidemic and falling oil demand in the air transport sector. Chalhoub stated that the Joint Ministerial Monitoring Committee Meeting of the Energy and Oil Ministers of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC oil producing countries to be held today will be monitored carefully by the markets.   The master analyst noted: “In addition, the upcoming presidential elections in the US, the ongoing conflicts between Armenia and Azerbaijan, and the entry of approximately 500,000 barrels of oil per day into the market with Libya's starting oil exports affect the prices.” In technical terms, it is said that the range of $ 43.03 and $ 43.29 can be followed as the resistance zone in Brent oil, and the range of $ 42.58 and $ 42.39 can be followed as the support zone.