Brent Oil Traded Above $42 on October 14

Brent Oil Traded Above $42 on October 14 Brent oil traded above $42 on October 14. A barrel of Brent oil traded at $ 42.27 in global markets today. The barrel price of Brent oil, which rose to $ 42.59 on Tuesday, closed the day at $ 42.25. At 09.41 today, the barrel of Brent oil, which decreased 0.42 percent compared to the closing, traded at $ 42.27. At the same time, West Texas type (WTI) crude oil traded at $ 39.97 a barrel. The thought that global oil demand will decrease due to the lack of positive news about the Coronavirus (Covid-19) vaccine played a major role in the slight decline in oil prices. In addition, the Organization of Petroleum Exporting Countries (OPEC) showed a slow recovery in oil demand from forecasts, which also supported the price decline. In the Oil Market Report published yesterday, OPEC predicted that the global oil demand will increase by 6 million 540 thousand barrels compared to this year and will be approximately 96 million 840 thousand barrels per day. The resumption of Libya and the period of production activities of the USA in the Gulf of Mexico also affected the decrease in oil prices. In technical terms, it was stated that in Brent oil, the range of $ 42.25 and $ 42.31 could be followed as the resistance zone and the range of $ 42.19 and $ 42.13 as the support zone.