Brent Oil Traded Above $ 55 A Barrel

Brent oil traded above $ 55 a barrel. Today, a barrel of Brent oil traded at $ 55.37 in global markets.

The barrel price of Brent oil, which reached the level of 56.37 dollars on the last trading day of the last week, closed the day at 55.88 dollars. Brent oil barrel, which decreased by 0.91 percent compared to the closing at 09:32 today, traded at $ 55.37. At the same time, West Texas type (WTI) crude oil traded at $ 52.20 per barrel. The fact that Saudi Arabia will begin to implement a voluntary 1 million barrel oil production cut has supported the oil prices, albeit slightly. At the meeting of the OPEC+ group consisting of Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries on January 5, Saudi Arabian Energy Minister Abdulaziz bin Salman announced that, in order to support the economies and energy markets of the member countries, Saudi Arabia would voluntarily go to an additional cut the production of 1 million barrels in February and March. On the other hand, the increase in the number of new types of coronavirus cases worldwide and the rise in loss of life are pulling oil prices down. Quarantines, especially in European countries, suppress oil prices by increasing concerns that global oil demand will remain weak. Speaking to the AA correspondent, Jose Chalhoub, the Political Risk and Petroleum Analyst, said that the oil prices completed January in the range of $ 50-55 per barrel, and that the extension of the restrictions due to the second wave epidemic was negatively reflected in the oil demand. Stating that oil prices will maintain their current level in the first period of 2021, Chalhoub continued as follows: “Investors will be watching the effects of the additional cuts that will be made by Saudi Arabia in February and March and the steps of the OPEC+ countries will take in February. However, as long as the low levels in demand persist, and there is no serious cut or unexpected situation, the current levels in prices will continue.” In technical terms, it was stated that the range of $ 55.55 and $ 55.61 could be followed as the resistance zone and the range of $ 55.33 and $ 55.28 as the support zone in brent oil.