Brent Oil Trades Above $ 42 on October 16

Brent Oil Trades Above $ 42 on October 16 Brent oil trades above $ 42 a barrel on October 16. Today, a barrel of Brent oil traded at $ 42.67 in global markets. The barrel price of Brent oil, which rose up to $ 43.43 on Thursday, closed the day with $ 43.16. At around 09.40 a barrel of Brent oil fell by 1.14% today and traded at $ 42.67. At the same time, West Texas type (WTI) crude oil traded at $ 40.51 a barrel. Oil prices fell due to concerns that the increasing number of new types of coronavirus (Covid-19) cases worldwide will reduce the global oil demand. In addition, concerns that the OPEC + group, which consists of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, will continue to reduce the amount of crude oil production cuts, also supported the decrease in prices. In addition, commercial crude oil stocks in the country fell by 3.8 million barrels last week to 489.1 million barrels, according to US Energy Information Administration data. The market expectation was that stocks would decrease by 2.8 million barrels. This decline slightly inhibits the fall in prices, as it indicates an increasing demand for oil in the country. In technical terms, it is said that the range of $ 42.65 and $ 42.70 can be followed as the resistance zone and the range of $ 42.60 and $ 42.55 can be followed as the support zone in Brent oil.