Brent Oil Traded Over $ 40

The world economy, whose balance was disturbed by the coronavirus outbreak, also affected oil prices. Brent oil, which experienced fluctuations in the price of barrels, is trading above $ 40. The price of barrels of Brent oil is trading at $ 40.52 in international markets. The price of barrels of Brent oil, which reached as high as 41.45 yesterday, closed the day at $ 41.18. Brent oil, which saw fluctuations in barrel prices, traded at $ 40.52, down 1.60 percent compared to closing at 09.30 today. In the same minutes, the West Texas crude oil (WTI) found buyers at $ 38.12 a barrel. According to data released by the American Petroleum Institute (API), US commercial crude oil stocks increased by about 8.5 million barrels last week. This situation caused oil prices to drop. The worries that economies around the world will recover much slower than expected, especially in the USA and China, which are affected most by the coronavirus outbreak, are pushing prices downwards. The experts stated that the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC countries, decided to extend the daily 9.7 million barrel oil cut agreement in April, after the meeting held on 6-7 June, until the end of July and that prevented the rapid fall of prices. Also, it was reported that the oil production, which was stopped due to the attack by armed groups in the biggest oil field in Libya, Şerara, was restarted a few hours later. Brent oil is technically stated that the range of $ 41.81 to $ 43.41 can be traced as a resistance zone, and the range of $ 40.21 to $ 38.61 as a support zone.