Brent Oil Traded At $59 A Barrel

Brent oil traded at $59 a barrel. Today, a barrel of Brent oil in global markets traded at $ 59.18.

The barrel price of Brent oil, which reached the level of $ 59.12 on Thursday, closed the day at $ 59. Brent oil barrel, which increased by 0.31 percent compared to the closing at 09:29 today, traded at $ 59.18. At the same time, West Texas type (WTI) crude oil traded at $ 56.62 a barrel. In addition to the macroeconomic data of the world's largest oil producer, the USA, which exceeded expectations, the good balance sheets of large companies played a major role in the rise in oil prices. According to official data released yesterday in the country, the number of first-time unemployment pension applicants fell more than expected in the week ending January 30, to 779,000. Declining data for the last 3 weeks saw the lowest level recorded since November last year. The data in question raised hopes that the economic recovery would accelerate. On the other hand, the production cut imposed by the OPEC+ group, which consists of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, continues to be one of the major factors in the increase in prices. Saudi Arabia's Energy Minister Abdulaziz bin Salman, at the press conference, where the OPEC+ group spoke after the meeting on January 5, announced that his country would voluntarily cut an additional 1 million barrels of oil production in February and March. Oversea Chinese Banking Corp. economist, Howie Lee, said: “The fact that Saudi Arabia keeps the price constant contrary to market expectations indicates that it supports market prices decisively. There is little that can stop the current commodity super cycle.” In addition to these, it is stated that prices should return to their levels in 2019 in order to achieve a complete recovery. In technical terms, it is stated that the range of 59.42 to 59.83 dollars can be followed as resistance and 59.01 to 58.60 dollars as the support zone in Brent oil.