Brent Oil Traded at $ 42 Border

Brent Oil Traded at $ 42 Border Brent oil traded at the $ 42 border. A barrel of Brent oil traded at $ 42.15 in global markets today. The barrel price of Brent oil, which fell to $ 41.36 on Wednesday, closed the day at $ 41.99. At around 09.04 today, a barrel of Brent oil increased by 0.38 percent compared to the closing and traded at $ 42.15. At the same time, West Texas type (WTI) crude oil traded at $ 40.05 a barrel. The slight increase in oil prices was caused by the cessation of energy companies in the Gulf of Mexico, where 17 percent of the US crude oil production took place due to Hurricane Delta. According to data from the US Energy Information Administration (EIA), the increase in crude oil stocks in the country by 500 thousand barrels last week also suppressed the vertical movement of prices. In the EIA's "October 2020 Short-Term Energy Outlook Report", it was pointed out that contrary to predictions, global oil stocks will increase in the coming months and the excess crude oil production capacity will put pressure on prices. In the report in question, it was stated that the increase in crude oil production of Libya, which is not included in the decision of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC oil producing countries, may affect its oil supply and stocks. In technical terms, it was stated that in Brent oil, the range of $ 42.18 and $ 42.29 could be followed as the resistance zone and the range of $ 42.07 and $ 41.96 as the support zone.