Brent Oil Traded Above $ 55 A Barrel

Brent oil traded above $ 55 a barrel. Today, a barrel of Brent oil traded at $ 55.31 in global markets.

The barrel of Brent oil, which reached the level of $ 56.03 on the last trading day of the last week, closed the day at $ 55.25. On the first trading day of the new week, the barrel of Brent oil, which increased by 0.11 percent compared to the closing at 09:54 am today, traded at $ 55.31. At the same time, the barrel of West Texas type (WTI) crude oil traded at $ 52.40. Although the barrel of Brent oil has increased compared to the closing, the increasing number of new types of coronavirus (Covid-19) cases and loss of life bring new restrictions to the agenda. Accordingly, oil prices are being pressured downwards due to the concerns that the global oil demand will decrease. Business activities and fuel consumption fell dramatically, especially as a result of the recent quarantines put into operation in Hong Kong and China along with France's assessment of new quarantine measures. China's National Health Commission reported that on January 24, with 124 cases, it entered the worst wave of new infections seen since March 2020. Demand expectations of the world's largest oil importer and consequently global oil consumption expectations have decreased due to increasing numbers. In addition to these, the surprise increase seen in the US crude oil supply report released by the US Energy Information Agency (EIA) on Friday also led to the suppression of prices. The report released by the American Petroleum Institute (API) also revealed an increase of 2,562 million barrels. On the other hand, as Saudi Arabia's decision to cut additional production continues to support oil, oil investors are carefully watching whether the US and Iran will continue to negotiate the nuclear deal. It is stated that if the negotiations are successful and the sanctions on Iran end, there may be an increase in supply. In technical terms, it is stated that the range of 55.35 to 55.63 dollars in Brent oil can be followed as resistance and the range of 55.07 to 54.79 dollars can be followed as the support zone.